Brent crude rises after coronavirus drags it to lowest since 1999 – ZAWYA

Brent crude rises after coronavirus drags it to lowest since 1999 – ZAWYA

The falls come on the heels of two of the wildest days in the history of oil trading. International benchmark Brent crude, which fell 24% in the previous session, touched $15.98 a barrel on Wednesday, hitting its lowest since June 1999.. Analysts said the price levels were now so low they would a big impact the amount of oil companies could produce without facing deep losses.. The prospect of supply outstripping demand for several months led to some of the most volatile oil trading in history on Monday and Tuesday.. In the latest sign of excess supply, the American Petroleum Institute on Tuesday reported that U.S. crude inventories rose by 13.2 million barrels..