International crude oil prices went into downward spiral after major oil producers failed to reach an agreement to reduce production, as concerns about coronavirus impact spread across the globe.
The benchmark Brent fell by more than 9 per cent, to as low as $45.50 a barrel, lowest since June 2017. West Texas Intermediate crude, the US benchmark, was as low as $41.11 a barrel.
The price of Brent crude has now fallen around more than 30 per cent this year. Brent had touched $71.75 per barrel on January 8 this year and is now trading at $45.50 per barrel. This plunge will have a wide range of implications, including lower earnings for oil companies, whose financial performance is closely tied to oil prices.
