US oil price plunges to 20-year low as coronavirus hits demand

FINANCIAL TIMES 🔒| US oil prices tumbled to their lowest level in more than two decades, dropping towards $10 a barrel as a collapse in demand triggered by the coronavirus pandemic leaves the world awash with crude that it is struggling to store. West Texas Intermediate, the US marker, dropped 40 per cent in Monday’s trading, crashing to a low of $10.77 a barrel for the first time since the Asian financial crisis in 1998 as warnings mount that storage could fill up within weeks — including at the benchmark’s delivery hub of Cushing, Oklahoma.

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