Oil slumps to lowest since 2016 as demand collapse triggers rout


Futures tumbled as much as 11% after losing a quarter of their value last week.

LONDON: Oil’s spectacular collapse deepened as widening global efforts to fight the spread of the Covid-19 (coronavirus) looked set to trigger the most severe contraction in annual oil demand in history.

Futures tumbled as much as 11% after losing a quarter of their value last week. Demand for jet fuel, gasoline and diesel is falling off a cliff as a result of global action to prevent the spread of coronavirus, with gasoline futures reaching their weakest level since at least 2005.

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