Lowest crude oil prices due to COVID-19 2020

On April 20th, 2020, the price of West Texas Intermediate crude oil slumped into negative for the first time in history, falling to negative 37.63 U.S. dollars per barrel. The ongoing coronavirus pandemic has had a catastrophic impact on the global oil and gas industry. Declining consumer demand and high levels of production output are threatening to exceed oil storage capacities, which resulted in the lowest ever oil prices noted between April 20th and April 22nd.

For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Fact and Figures page.

Lowest daily closing price of crude oil types worldwide during the coronavirus pandemic in 2020

Characteristic	Characteristic
Brent in USD per barrel (April 21)	19.33
OPEC basket in USD per barrel (April 22)	12.22
West Texas Intermediate in USD per barrel (April 20)	-37.63
Western Canadian Select in USD per barrel (April 21)	3.81
TOCOM crude oil in JPY per kiloliter (April 22)	16,240

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Release date

May 2020

More information

Region

Worldwide

Survey time period

April 2020

Supplementary notes

This statistic was assembled from three different sources. Data for Brent, WTI and TOCOM crude oil prices was taken from Bloomberg, with Western Canadian Select data taken from BNN Bloomberg, found here. OPEC basket prices are published by OPEC, found here.

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