New York oil price plummets to nearly $11 per barrel

NEW YORK - US oil prices plummeted almost 40 percent on Monday to nearly $11 per barrel, the lowest level since 1998.

As the last settlement day of the May contract, investors rushed to close out their trade positions on Monday, pressing down the prices. The June contract was down 11.9 percent at 22.06 dollars.

The havoc COVID-19 pandemic wrecked across the world has translated into plunging oil prices. Traders are also becoming increasingly concerned that oil storage facilities are reaching their limits as stockpiles continue to build owing to the crashing demand caused by the surging number of confirmed cases.