Oil prices crash 4% over spread of coronavirus, on track for biggest weekly drop in over 4 years

WION Web Team
New York Published: Feb 28, 2020, 04:06 PM(IST)

File photo: Oil pump jacks at sunset near Midland, Texas Photograph:( Reuters )

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US crude prices have fallen about 14 per cent for the week, the biggest weekly decline since May 2011.

Global oil prices crashed four per cent on Friday over the spread of coronavirus as panic gripped world markets worldwide.

Oil prices are on track to record the biggest slump in more than four years.

Also Read: Sensex, Nifty crash as global markets dive over spread of coronavirus

Brent oil for April delivery sank as low as $50.05 per barrel while New York's WTI crude tumbled to $44.95.

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US crude prices have fallen about 14 per cent for the week, the biggest weekly decline since May 2011.

All major Asian and European markets crashed on Friday as the virus spread to new countries and showed no signs of abating.

Markets in Tokyo, Shanghai, Sydney, Singapore and Seoul fell with the Dow recording biggest loss  on record, shedding almost 1,200 points.

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