This is the first drop below $20 per barrel for WTI crude oil since February 2002. The Brent crude oil price also plummeted 4.65%, according to trading data.

The price of May futures for WTI crude oil fell 8.52%, to $19.98 dollars per barrel.

The price of June futures for North Sea Brent dropped 4.65%, to $26.6 per barrel.

​Oil prices have been dropping during the month amid the ongoing novel coronavirus pandemic, which has caused a steep drop in global demand for oil products.

Earlier, the OPEC+ countries failed to reach an agreement on cutting output, leading to Saudi Arabia increasing production by 1.5 million barrels per day through the end of 2020, which led to a dramatic price drop.