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Another plunge takes crude benchmarks to lowest levels since 2002

Published by Yahoo on Tue, 31 Mar 2020


Global oil benchmark Brent crude plunged to its cheapest level in almost 18 years on Monday and U.S. crude briefly tumbled below $20 a barrel as investors faced the growing prospect that the global coronavirus shutdown could last for months, further squeezing demand for fuel. The pandemic is expected to cause at least a 20% drop in fuel demand worldwide as governments take steps to restrict the spread of the virus. With Saudi Arabia and Russia set to flood the market with oil next month, producers and shippers have also been scrambling to lock oil up in storage as demand falls.
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