Coronavirus impact: Brent crude dives over 7% to lowest since 2003

Oil prices slumped anew on Friday with Brent North Sea crude plumbing a 17-year low owing to massive oversupply as the coronavirus crisis paralyses global demand.

Around 1435 GMT, Brent for May delivery was down 7.33 percent from Thursday, at USD 24.41 a barrel. West Texas Intermediate fell 5.97 percent to USD 21.25.

Oil has tanked in recent weeks on the back of collapsing demand, as COVID-19 slams the brakes on economic activity and the world’s appetite for energy. Crude futures spiralled even lower this month after a fierce price war erupted between Riyadh and Moscow.

“The coronavirus pandemic is reducing oil demand,” wrote analysts at the Wood Mackenzie research consultancy in a note to clients.