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WTI futures for May delivery were down as much as 7.3 percent at $19.92 a barrel on Sunday evening and on track for their lowest close since February 2002 before trimming their losses.
The contract, which previously traded below $20 during the current downturn but did not close below the level, was lower by 5.1 percent at $20.42 a barrel on Monday morning.
The 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.