Oil Crashes to 18-Year Low With Broken Market Drowning in Crude
- Tightening coronavirus restrictions are eroding global demand
- Cushing inventories said to have risen over 4m bbls last week
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Oil tumbled to an 18-year low as coronavirus lockdowns cascaded through the world’s largest economies, leaving the market overwhelmed by cratering demand and a ballooning surplus.
Futures in London plunged by 9% to the lowest level since March 2002, while New York crude dipped below $20 a barrel before settling just above that level. While U.S. President Donald Trump spoke with Russian counterpart Vladimir Putin Monday to discuss the importance of stable energy markets, that did little to stanch the decline.