Oil plunges 20% as another virus-fueled trading week begins
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March 8, 2020
NEW YORK (AP) — Oil prices are plunging amid worries that an OPEC dispute will lead an economy weakened by COVID-19 to be awash in an oversupply of crude.
Brent crude, the international standard, lost $8.77, or 19.3%, to $36.50, as of 7:23 p.m. Eastern time on Sunday after earlier touching its lowest price since early 2016. Benchmark U.S. crude fell $8.11 to $33.17.
The dramatic losses follow a 10.1% drop for U.S. oil on Friday, which was its biggest loss in more than five years. Prices are falling as Saudi Arabia, Russia and other oil-producing countries argue how much to cut production in or...
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