NEW YORK/NEW DELHI : Oil plunged to the lowest level since 1986 as the coronavirus pandemic ravaged global economies.
In New York, West Texas Intermediate (WTI) dropped by a staggering 43%, the most since the contract began trading in 1983, to $10.34 a barrel, the weakest level since 1986.
The plunge was exaggerated as the May futures contract expires on Tuesday. Economic activity has ground to a halt as governments around the globe extend shutdowns to stem the swift spread of the coronavirus.
Oil has faced its own knock-on effects with a market massively oversupplied and nowhere to store physical barrels. Despite the unprecedented output deal by Organization of the Petroleum Exporting Countries (Opec) and allied members a week ago to curb