Oil prices hit 1990s low as coronavirus outbreak sinks demand - Reuters

Oil prices hit 1990s low as coronavirus outbreak sinks demand - Reuters:

Oil prices slumped again on Wednesday, with Brent falling to the lowest since 1999, as the market struggled with a massive crude glut amid a collapse in demand for everything from gasoline to jet fuel caused by the coronavirus outbreak.

Brent crude LCOc1, which fell 24% in the previous session, touched $15.98 a barrel, its lowest since June 1999. It was trading down $2.37, or 12%, at $16.96 at 0511 GMT.

West Texas Intermediate CLc1 was down 51 cents, or 4.4%, at $11.06 a barrel.

The falls follow two of the wildest days in the history of oil trading, as worldwide supply looks set to overwhelm demand for months to come and current production cuts fall far short of offsetting that glut.