Coronavirus Impact: Crude oil nears 18-year lows on demand devastation warning
Oil languished at multi-year lows Thursday, with WTI crude close to its weakest level since 2002, as dire warnings about a coronavirus-triggered demand shock overshadowed massive output cuts.
US benchmark West Texas Intermediate rose nearly three percent to change hands at $20.44 per barrel after falling below $20 on Wednesday — its lowest price in 18 years.
International benchmark Brent crude, which also suffered heavy losses a day earlier, rose two percent to trade at $28.31 a barrel.
Prices have crashed as the coronavirus pandemic saps global demand, with the situation compounded by a supply glut resulting from a price war between OPEC cartel kingpin Saudi Arabia and non-OPEC rival Russia.
