Oil hits lowest this century as coronavirus crisis hammers demand - Reuters:
Oil slumped to less than $16 a barrel on Wednesday, hitting its lowest since 1999, with the market awash with excess supply as the economic fallout from the coronavirus pandemic hammers demand for fuels.
A glut has been building since OPEC+, led by Saudi Arabia and Russia, failed to renew output cuts last month. OPEC+ agreed new curbs this month, but government lockdowns to contain the pandemic have cut fuel demand more steeply.
Brent crude LCOc1, which fell 24% in the previous session, touched $15.98 a barrel, its lowest since June 1999. It was trading down 62 cents, or 3.2%, at $18.71 by 0950 GMT.
U.S. West Texas Intermediate CLc1 was down 60 cents, or 5.2%, at $10.97.
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