The price of Brent crude oil has crashed to its lowest level in 18 years as demand collapses during the Coronavirus crisis.

The benchmark price fell to $23.03, its lowest since November 2002. Meanwhile, US West Texas Intermediate dropped below $20 per barrel in a near 20 year low.

Over the past month, oil prices have lost roughly 50% as factories around the world scale back or close production.

"Oil prices failed to keep pace, with growing (coronavirus) lock-down measures and reports that this could drive global demand down 20%, potentially pushing the world to run-out of storage capacity," Morgan Stanley analyst Devin McDermmott said in a research note.

It follows a price war between Russia and Saudi Arabia. Saudi Arabia failed to convince Russia to support proposed cuts in production agreed by other Opec members.