Oil plunges 20% as another virus-fueled trading week begins

Oil's downfall aided by rise of fracking
Posted at 6:46 PM, Mar 08, 2020
and last updated 2020-03-08 19:46:43-04

NEW YORK (AP) — Oil prices are plunging amid worries that an OPEC dispute will lead a virus-weakened economy to be awash in an oversupply of crude.

Brent crude, the international standard, lost $9.55, or 21.1%, to $35.72 per barrel, as of 7 p.m. Eastern time on Sunday. Benchmark U.S. crude fell $8.60 to $32.68.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 amid worries that producers won't cut supplies enough to match falling demand. The new coronavirus has hit travel and threatens to slow economies around the world.

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