Oil prices dipped on Monday afternoon, in what is regarded as one of the worst trading days for the commodity since sometime in May 2020 when West Texas Intermediate (WTI) slipped into negative territory.
WTI was trading down 5.22% by around 2 p.m. on Monday, $3.24 per barrel down for the day at $58.21 before hitting $58.95 late on Monday night. The Brent benchmark was trading down 4.81% on the day, or $3.12 down per barrel at $61.79 and later ended at $62.38 on Monday night.
The volatility of oil prices can be attributed to fears over oil demand, as the UK announced earlier in the day that the ban on international travel would likely go on beyond May 17 if the infection rate of the corona virus disease continued to rise globally.
