The novel coronavirus has cratered global oil demand and ignited a price war between Saudi Arabia and Russia that has caused the price to collapse. The price of Brent crude, the global benchmark, has fallen about 60% since the start of the year to between $20 and $30 per barrel. While Brent is unlikely to go negative, other grades — especially in Canada — could see negative oil prices in May, the head of analysis at Rystad Energy said.