Oil sinks to 18-year low but holds $20 level

WTI touched $19.27 its lowest since February 2002

Continental Resources Executive Chairman Harold Hamm on the oil price war.
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West Texas Intermediate crude oil tumbled to an 18-year low after President Trump extended COVID-19 social-distancing guidelines until at least April 30.
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WTI futures for May delivery fell 6.6 percent to $20.09 per barrel. They shed as much as 10.4 percent, touching a low of $19.27 a barrel, which was the lowest print since February 2002.
The losses came despite President Trump telling “Fox & Friends” on Monday that he was holding a phone call later in the day with Russian President Vladimir Putin lto discuss low energy prices.
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Monday's slide comes after prices plunged Friday in response to Saudi Arabia saying it has not held talks with Russia regarding a “joint agreement to balance oil markets.”
Crude oil prices have crashed 68 percent this year as the price war between Saudi Arabia and Russia has added to a supply glut at the same time the COVID-19 pandemic has caused demand destruction.