Both crude oil benchmarks recorded their largest decline on record in the first quarter of 2020, with WTI and Brent’s futures losing nearly 66% of their value in the first three months the year. Oil prices ended March near their lowest level in eighteen years because of the twin hits of the coronavirus outbreak slashing fuel demand and a price war between top producers Saudi Arabia and Russia after the collapse of OPEC. WTI settled at US$20.48 per barrel on Tuesday (Mar 31) while Brent ended the quarter at US$22.74 per barrel.
