Oil fell to the lowest values since 2003-to $23.50.
One of the factors of the price drop was created by Russia - the conflict and price war with OPEC was deliberately started by Russia. Russia abandoned the deal with OPEC to limit production - to maintain prices. There are different points of view - how much this has affected the price drop, and how much - on the understanding of the market that as a result of the coronavirus pandemic, the demand for oil will sharply drop.
Either way, both factors - the pandemic and the Russia - OPEC price war - combined to cause a disaster.
We can assume that soon we might see the lowest price for oil - but in the conditions of a pandemic, the price of oil may remain near the lows for a long time.
