Oil plunges 25% as another virus-fueled trading week begins

Posted at 4:14 AM, Mar 09, 2020
and last updated 2020-03-09 04:14:29-04

NEW YORK (AP) — Oil prices are plunging as a dispute among producers could lead a global economy weakened by COVID-19 to be awash in an oversupply of crude.

Brent crude, the international standard, lost $11.44, or 25.3%, to $33.83 per barrel in electronic trading in London.

Benchmark U.S. crude fell $10.77, or 26.1%, to $30.49.

The dramatic losses follow a 10.1% drop for U.S. oil on Friday, which was its biggest loss in more than five years.

Prices are falling amid worries that producers won't cut supplies enough to match falling demand.

COVID-19 has hit travel and threatens to slow economies around the world.