Oil drops below $20 barrel mark in 18-year low for US producers

Oilprices crashedbelow the $20 a barrel mark on Monday for some US producers, as a supply glut and the coronavirus crisis pushed Brent to a 18-year low.The oil price drop has seen US West Texas Intermediate (WTI) oil prices fall to $19.92 a barrel and Brent fall over 8 percent to $22.58.The low oil prices means that for many companies it is no longer profitable tocontinue to pump oil, meaning that many will cut production.The low oil prices have been impacted by a massive drop in demand due to the coronavirus crisis and Gulf states increasing production to price out other producers.”Global oil…

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