Continental Resources Executive Chairman Harold Hamm on the oil price war.
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West Texas Intermediate crude oil tumbled below $20 Sunday evening after President Trump extended COVID-19 social-distancing guidelines to April 30.
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WTI futures for May delivery were down 7.1 percent at $19.99 a barrel and were threatening to close below the $20 level for the first time since February 2002.
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Sunday’s slide comes after prices plunged Friday in response to Saudi Arabia saying it has not held talks with Russia in regards to a “joint agreement to balance oil markets.”
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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.
