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Breaking: Oil Facing Worst Weekly Crash Since '08 Financial Crisis

Published 02/28/2020, 11:10 AM
Updated 02/28/2020, 11:25 AM
© Reuters.

© Reuters.

By Barani Krishnan

Investing.com - Crude prices are on track to plunge 17% on the week as the investor stampede from oil due to the coronavirus crisis results in the market’s worst bloodbath since the financial crisis.

* West Texas Intermediate, the U.S. crude benchmark, fell $2.82, or 6%, at $44.27 per barrel, the lowest since December 2018. On a weekly basis, WTI is down 17%, heading for its biggest weekly plunge since the financial crisis week of Dec. 14, 2008.

* Brent, the London-traded global benchmark for crude, was down $2.53, or 4.9%, at $49.20 per barrel, breaking the key $50 support. The $49.20 level was also Brent’s lowest on the day and a bottom going back to July 2017. For the week, Brent is down 15.8%.

* Oil plunged as stocks on Wall Street succumbed to a freefall. The S&P 500 was down 3% on the day and about 14% on the week, the worst weekly slump since October 2008.

* The World Health Organization (WHO) on Friday said that it had raised its risk assessment relating to COVID-19 for the rest of the world to very high from high. China, where the outbreak of the novel coronavirus started, had previously been designated with a very-high risk assessment.

Latest comments

The stock market will fall much further as this progresses.   We have not seen anything resembling the bottom yet.............
the only crash I'm happy about....
that oil prices down ment a good thing? lowers price at the pump
with economy down and your job lost - you won't be able to make that reduced gas prices also. be careful what you wish!
good news oil prices. go down.
Insanity.
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