Oil plummets 26% to 18-year low as global price war escalates
Source: Business Insider
Mar. 18, 2020, 03:06 PM
Reuters
Oil fell to an 18-year low on Wednesday as the global price war between OPEC and its former allies continued.
West Texas Intermediate crude fell as much as 26%, to $20.06 per barrel. Brent crude, the international benchmark, fell more than 14%, to $24.52 per barrel at intraday lows.
Oil has slumped as the coronavirus pandemic has hit global demand from industries like airlines and cruise providers.
Watch Brent crude trade live on Markets Insider.
Oil prices plunged yet again on Wednesday, shedding as much as 26% and falling to an 18-year low. The losses came as the resource battles a coronavirus-driven demand slowdown, as well as the continued escalation of a global price war between Saudi Arabia and Russia.
West Texas Intermediate crude fell as much as 26%, to $20.06 per barrel. Brent crude, the international benchmark, fell more than 14%, to $24.52 per barrel at intraday lows.
The commodity has slumped shedding as much as 51% this month alone during the coronavirus pandemic. Global demand has taken a hit amid a wave of canceled trips for airlines and cruise ships. The outbreak also sparked a global price war between OPEC and its allies as they could not agree on further production cuts...............................................
Read more: https://markets.businessinsider.com/commodities/news/oil-price-plunge-war-saudi-arabia-russia-output-coronavirus-reaction-2020-3-1029010123
gas prices mid WI
about 1. 79 to 1.84
jimfields33
(15,981 posts)ProfessorGAC
(65,213 posts)At a Circle K, so I got the 6¢ off. Actual pump price was $1.779.
jimfields33
(15,981 posts)Speedway. I couldnt remember at first. Lol. Next time I go for gas, I am emailing you first. Lol.
Rorey
(8,445 posts)Iwasthere
(3,170 posts)Not seeing it yet
riversedge
(70,313 posts)brewens
(13,623 posts)supply run, I topped off at about ten cents higher than it is now. Now that I'm making myself scarce, I haven't used hardly any of it.
bucolic_frolic
(43,324 posts)Maybe a drive in the country is still allowed?
redstatebluegirl
(12,265 posts)of the Saudis is unable to fix this. The great art of the deal.
cureautismnow
(1,677 posts)beachbumbob
(9,263 posts)EX500rider
(10,872 posts)...it from oilhead to gas pump.
wishstar
(5,271 posts)Ever since the 2017 Colonial pipeline fire, gas in my area has stayed about 20 cents to 30 cents a gallon higher than when Obama left office, so this week's lower prices don't impress me very much so far especially since so much travel is at a standstill.
BadGimp
(4,019 posts)The price here is down $.10 while the price of crude is down like 60%?
Miguelito Loveless
(4,474 posts)No regrets and never going back. Also, you would not believe how dirty gas pumps are. ALWAYS wash your hands after pumping gas. Your toilet seat is cleaner.