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Home / Business / Coronavirus outbreak: Crude oil prices hits new lows

Coronavirus outbreak: Crude oil prices hits new lows

US crude was down $1.51 cents, or 5.6%, at $25.44 per barrel by 1135 GMT, having earlier fallen to $25.06, its lowest since late April 2003
The last time oil was trading that low, the United States had invaded Iraq and China had only begun its rise as a major global economic power that propelled the world’s oil consumption to record highs in subsequent years.
The last time oil was trading that low, the United States had invaded Iraq and China had only begun its rise as a major global economic power that propelled the world’s oil consumption to record highs in subsequent years.
(Shutterstock)

Reuters   |   London   |   Published 18.03.20, 07:42 PM

Oil prices fell for the third session on Wednesday with US crude futures tumbling to a 17-year low as travel and social lockdowns sparked by the coronavirus knocked the outlook for demand.

US crude was down $1.51 cents, or 5.6 per cent, at $25.44 per barrel by 1135 GMT, having earlier fallen to $25.06, its lowest since late April 2003.

The last time oil was trading that low, the United States had invaded Iraq and China had only begun its rise as a major global economic power that propelled the world’s oil consumption to record highs in subsequent years.

Brent crude was trading down 95 cents, or 3.31 per cent, at $27.78 a barrel, after dropping to $27.56, its lowest since early 2016. Global oil, gas producers slash spending after crude price rout. “The oil demand collapse from the spreading coronavirus looks increasingly sharp,” Goldman Sachs said. 



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