US crude oil prices hit 17-year low at $25.80 per barrel

Oil prices are set to fall further with the coronavirus pandemic threatening to shut down large parts of the US economy.

 Oil prices fell for a third session on Wednesday (18 March) with U.S. crude futures tumbling to a 17-year low as travel and social lockdowns sparked by the coronavirus epidemic knocked the outlook for demand.

U.S. crude was down $1.15 cents, or 4.27%, at $25.80 per barrel by 0938 GMT, having earlier fallen to $25.68, its lowest since May 2003.

 

Brent crude was trading down 78 cents, or 2.71%, at $27.95 a barrel, after dropping to $27.86, its lowest since early 2016."