Oil sinks to 18-year low but holds $20 level

WTI touched $19.27 its lowest since February 2002

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West Texas Intermediate crude oil tumbled to an 18-year low after President Trump extended COVID-19 social distancing guidelines until at least April 30.

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WTI futures for May delivery fell 6.6 percent to $20.09 per barrel, closing at their lowest level since February 2002. The contract hit a session low $19.27 a barrel, down 10.4 percent.

The losses came despite President Trump telling "Fox & Friends" on Monday that he would hold a phone call later in the day to discuss low energy prices with Russian President Vladimir Putin.

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Monday's slide comes after prices plunged Friday in response to Saudi Arabia saying it has not held talks with Russia regarding a “joint agreement to balance oil markets.”

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Crude oil prices have crashed 68 percent this year as the price war between Saudi Arabia and Russia has added to a supply glut at the same time the COVID-19 pandemic has caused demand destruction.