Oil prices fell for a third session on Wednesday on indices around the world, and U.S. crude futures tumbled to a 17-year low “as the outlook for fuel demand darkened with travel and social lockdowns triggered by the coronavirus epidemic,” according to Reuters.
U.S. crude was down 84 cents, or 3.12%, at $26.11 a barrel by 0822 GMT, having earlier fallen to $25.83 a barrel, the lowest since May 2003, Reuters notes. Brent crude was trading down 37 cents, or 1.29%, at $28.36 a barrel by 0650 GMT, after dropping to $28.05, the lowest since early 2016.
The drop in oil prices caused U.S. stocks to plunge again, with the DJIA nearing 20,300 at 10:45am on Wednesday, less than 500 points away from erasing all gains made under the Trump administration.
