Oil market crashes further, dragging down stocks

Price of oil fell below zero on Monday. Storage facility are almost full and demand is at its lowest since mid-1990s.

By

World News

April 21, 2020 - 9:41 AM

Oil tankers sail the Maracaibo Lake in Maracaibo, Venezuela on March 15, 2019. Photo by (Juan Barreto/AFP/Getty Images/TNS)

BANGKOK (AP) — The oil market plunged further on Tuesday on concerns over a collapse in demand as the pandemic leaves factories, cars and airplanes idled around the world.

The extreme volatility in energy markets highlights investors’ worries about the duration of the coronavirus outbreak and its impact on the economy. That is in turn weighing on financial markets more broadly, including stocks.

The benchmark U.S. oil contract was down $4.78 at just $15.65 per barrel on Tuesday, having traded as low as $11.79 a barrel at one point.

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