Crude Oil Price Chart (1 minute bar)
Crude Oil Price Chart (10 Minutes)
The outbreak of COVID-19 has had the largest impact on the crude oil market, as two-thirds of oil is used for transport. Crude oil prices are forecast to average $35/bbl in 2020, reflecting an unprecedented collapse in oil demand. Brent crude oil prices have declined 70 percent from their January peak, and a historically large production cut by the Organization of the Petroleum Exporting Countries and other oil producers failed to lift prices in April. All crude oil benchmarks have seen sharp falls, with some briefly dropping to negative levels. Crude oil demand is expected to decline almost 10 percent (y/y) in 2020, more than twice as much as any previous fall.