West Texas Intermediate (WTI) crude futures settled at $22.60 a barrel, falling $1.89, or 7.7%. Brent crude futures settled at $26.34 a barrel, shedding $1.05, or 3.8%. Both contracts are down about 60% this year.
NEW YORK: Oil prices dropped more than US$1 a barrel on Thursday as a growing number of virus-related restrictions on travel slashed global fuel demand, overshadowing expectations that a $2 trillion U.S. stimulus package will bolster economic activity.
The head of the International Energy Agency said worldwide oil demand could drop as much as 20 million barrels per day, or 20% of total demand, as 3 billion people are currently under stay-at-home orders due to the novel coronavirus outbreak.
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