NEW YORK: Oil prices fell 4% on Wednesday, sinking into the close of trading with renewed weakness in the stock market after the World Health Organization said the global coronavirus outbreak is now a pandemic, and as major oil producers announced plans to escalate the burgeoning price war.
Brent crude settled down US$1.43, or 3.8%, at $35.79 per barrel, while U.S. West Texas Intermediate (WTI) crude ended down $1.38 or 4% to $32.98.
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