Since last Thursday, Feb. 20, major global crude oil benchmarks have given up more than 13% of their value. Brent, which sets the price for more of the world than any other benchmark, has fallen 13.4%, while West Texas Intermediate futures, a major index for U.S. crude, have fallen 12.4% from Feb. 20 to Feb. 27.
At the close of trading today, Brent was at $52.18 per barrel while West Texas crude was at $46.82, both down 26% from the 2020 peak in early January.
This marks the biggest continuous drop for crude prices so far this year. While both Brent and West Texas crude have experienced other week-long dips, neither had seen a double-digit decrease in prices before seeing at least one trading day when prices went up.
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Source: Motley Fool
(February 27, 2020 - 8:19 PM EST)
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