Foreign “guest workers” drill at the Saudi Aramco oil field complex facilities on March 2003 in Shaybah, Saudi Arabia.
Reza | Getty Images
U.S. oil dropped more than 7% to trade around an 18-year low on Monday as demand continues to evaporate, and as Saudi Arabia and other OPEC+ nations prepare to ramp up production.
With much of the world in lockdown as the coronavirus pandemic rages on, demand for oil has fallen off a cliff. People aren’t travelling and business has slowed, reducing the need for jet fuel and gasoline.
U.S. West Texas Intermediate crude dropped 7.3% to trade