Brent crude sinks below $30 a barrel as coronavirus pandemic hits growth
Crude oil prices settled below $30 a barrel on Tuesday as the coronavirus pandemic slowed economic growth and oil demand while Saudi Arabia and Russia kept up their battle for market share.
Countries including the United States and Canada, along with nations in Europe and Asia, are taking unprecedented steps to contain the virus, which has killed 7,500 people.
Numerous governments have told residents to restrict their movements while businesses shutter, curbing demand for fuels.
Brent crude futures fell $1.32 to settle at $28.73, the first time that benchmark has settled below $30 per barrel since 2016. West Texas Intermediate (WTI) crude futures fell $1.75, or 6.1%, to settle at $26.95 a barrel. The declines occurred even as equity markets rebounded from Monday’s losses, in anticipation of fiscal stimulus.
