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Oil Slumps to Lowest Since 2016 as Demand Collapse Triggers Rout

  • Brent crude dives below $30/bbl for first time since 2016
  • Global oil demand set for record annual drop on virus fallout
Oil Boom Shifts The Landscape Of Rural North Dakota

Photographer: Andrew Burton/Getty Images

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Oil’s spectacular collapse deepened as widening global efforts to fight the spread of the coronavirus looked set to trigger the most severe contraction in annual demand in history.

Global benchmark Brent crude fell more than 12.5% after Saudi Aramco’s chief financial officer said the company is “very comfortable” with oil at $30 a barrel. Demand for fuels is falling off a cliff as a result of global restrictions to prevent the spread of virus, with gasoline futures reaching their weakest level since at least 2005.