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News / Economic

30 Mar. 2020 / 18:58

Coronavirus: Oil prices fall to lowest level in 18 years

Oil prices dropped to their lowest levels in 18 years on Monday as the global economy looked set to enter a coronavirus-induced recession, reports.

Brent crude, the key international oil price benchmark, plunged 6 per cent on Monday to $26.17 per barrel as countries around the world shut down swathes of their economies to halt Covid-19’s spread.

Demand has fallen by more than half in the past month as billions of people stay at home, companies cut back on production and airlines ground their fleets.

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