Oil prices fell for a third session on Wednesday, with US crude futures tumbling to an 18-year low as coronavirus scare brought down demand. Brent hit a more than 16-year low restrictions were put in place to counter the virus spread.
West Texas Intermediate (WTI) crude future was trading at $24.13 a barrel, down $2.82, or 10.5 percent, by 1400 GMT, lowest since April 2002 at $23.60. Mcx Crude oil was down by 13 percent at Rs 1,810 levels.
Brent crude was trading at $26.82 a barrel, down $1.91, or 6.7%, after dropping to $26.65, its weakest since late 2003.
As a growing number of the world's largest cities and economies restrict movement, investment banks and consultancies have been making heavy cuts to their demand forecasts.
Goldman Sachs in a note said the oil demand collapse from the spreading coronavirus looks increasingly sharp.
Coronavirus death toll across the world has gone past 8,000 mark and World Health Organisation (WHO) has declared it as epidemic. In India, total number of reported novel coronavirus cases has climbed to 160 on Wednesday, with 12 fresh cases reported from various parts of the country.
(With agency inputs)
First Published: Mar 18, 2020 7:06 PM IST
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