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Mon 16 Mar 2020 03:39 PM

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Oil prices tank to hit four-year low as virus fears grow

Benchmark Brent oil prices tank on Monday by more than 9%, rocked by fears over virus-hit demand

Oil prices tank to hit four-year low as virus fears grow

Benchmark Brent oil prices tanked on Monday by more than nine percent to strike a four-year low, rocked by fears over virus-hit demand.

In late morning deals, Brent North Sea crude for delivery in May sank to $30.56 per barrel, which was the lowest level since February 2016, with the market pressured also by a price war between major producers Saudi Arabia and Russia.

New York's WTI oil contract was meanwhile down 5.64 percent at $29.59 a barrel.

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