Oil prices are on track for their worst ever quarter as coronavirus slashes demand

  • Oil prices are on pace to register their worst quarterly performance on record, as the coronavirus pandemic continues to crush global demand for crude.
  • International benchmark Brent crude traded at $23.36 a barrel Tuesday morning, up more than 2.6%, while U.S. West Texas Intermediate (WTI) stood at $21.26, more than 5.8% higher.
  • Brent futures fell to their lowest level in 18 years on Monday and WTI ended the previous session below $20, before both benchmarks pared some of their losses on the final trading day of the first quarter.
  • To date, Brent futures have fallen more than 65% through the first three months of 2020, putting the benchmark on track to register its worst quarter through our history to 1990, according to data compiled by CNBC.

(Source: CNBC)