Brent crude settled down $3.80, or 11.2%, at $30.05 a barrel. The international benchmark fell as low as $29.52 a barrel, its lowest since January 2016. U.S. West Texas Intermediate (WTI) crude fell $3.03, or 9.6%, to end at $28.70 a barrel, its lowest since February 2016.
NEW YORK: Oil prices fell below US$30 a barrel on Monday after the worldwide coronavirus outbreak worsened over the weekend, exacerbating fears that government lockdowns to contain the spread of the disease would spark a global recession.
Saudi Aramco reiterated plans to boost output to record levels to boost its share of the global market. Top global oil producers Saudi Arabia and Russia started a price war after failing to agree on a plan to curb supply as the global economic slowdown destroys oil demand.
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