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Crude Sinks to Lowest in a Year as Coronavirus Panic Increases

  • WTI has lost more than 10% this week as virus spreads
  • Oil market volatility surges to the highest since September
Flares As Natural Gas Tumbles After 'Momentum Killer' U.S. Storage Gain
Photographer: Bronte Wittpenn/Bloomberg
Updated on

Oil tumbled to the lowest since early January 2019 on mounting fears of the coronavirus contagion wreaking havoc on economic growth.

Futures fell 3.4% in New York on Thursday and are poised for the worst weekly loss since 2014 as the coronavirus spreads further outside of China, roiling financial markets. The S&P 500 sank as much as 10% since last Friday and pushed the index into a correction, while the Dow Jones Industrial Average fell to the lowest in almost five months. California’s governor said the state was monitoring 8,400 people for the virus on Thursday, adding to the alarm of a global pandemic.