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 after earlier touching its lowest price since early 2016. 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 worldwide.