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US oil price plunges to 20-year low as coronavirus hits demand
US oil prices tumbled to their lowest level in more than two decades as the global demand hit from the coronavirus pandemic raised concerns the world is becoming awash with crude that it does not have enough room to store. Analysts said the latest fall in prices, which came ahead of the imminent expiry of a heavily traded futures contract, could put fresh pressure on producers to further reduce supply. In early Asia trading on Monday, West Texas Intermediate — the US oil benchmark — plunged as much as 21 per cent to $14.47 a barrel, its lowest level since 1999.
https://finance.yahoo.com/m/c032917...fdc182/us-oil-price-plunges-to.html?.tsrc=rss
US oil prices tumbled to their lowest level in more than two decades as the global demand hit from the coronavirus pandemic raised concerns the world is becoming awash with crude that it does not have enough room to store. Analysts said the latest fall in prices, which came ahead of the imminent expiry of a heavily traded futures contract, could put fresh pressure on producers to further reduce supply. In early Asia trading on Monday, West Texas Intermediate — the US oil benchmark — plunged as much as 21 per cent to $14.47 a barrel, its lowest level since 1999.
https://finance.yahoo.com/m/c032917...fdc182/us-oil-price-plunges-to.html?.tsrc=rss
