Oil futures fell on Monday, settling above the key $20 mark, but concerns over a drop in energy demand pushed prices to their lowest finish since 2002.

"Oil likely has little hope of rallying without some major production cut amongst producers, as global oil demand plunges under pressure from billions of people globally staying home to prevent the spread" of COVID-19, said Patrick De Haan, head of petroleum analysis at GasBuddy, in a statement Monday.

May West Texas Intermediate oil fell $1.42, or 6.6%, to settle $20.09 a barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since February 2002, according to Dow Jones Market Data.

Source : MarketWatch