Oil Reaches Lowest Price Since 2003

The prices fell for a third session, with U.S. crude Clc1 reaching $25.06 per barrel, the lowest prices since late April 2003. As of 11:35 Greenwich Mountain time, U.S. crude Clc1 hit  $1.51 cents or 5.6 percent at $25.44 per barrel, Reuters reported.

Advertisement

The last time the prices were that low, the U.S. had recently invaded Iraq, and China was rising in the global economy, sparking an increase in global oil consumption to record levels, Reuters noted.

Meanwhile, Brent crude LCOc1 traded down 95 cents at $27.78 a barrel after reaching $27.56, the lowest point since early 2016.