TOKYO (Reuters) – Oil prices slumped again on Wednesday, with Brent falling to the lowest since 1999, as the market struggled with a massive crude glut amid a collapse in demand for everything from gasoline to jet fuel caused by the coronavirus outbreak.
FILE PHOTO: A muddy run-off splashes beside an oil rig belonging to Zion Oil and Gas in Karkur, northern Israel October 17, 2010. ISRAEL-GAS/ REUTERS/Nir Elias/File Photo
Brent crude LCOc1, which fell 24% in the previous session, touched $15.98 a barrel, its lowest since June 1999. It was trading down $2.37, or 12%, at $16.96 at 0511