Oil falls more than $US1 as virus spreads
Oil prices have fallen more than $US1 a barrel at the start of the trading session on Sunday, as more governments ordered lockdowns to curb the spread of the global coronavirus pandemic that has slashed the demand outlook for crude.
Brent crude futures fell $US1.91, or 7.1 per cent, to $US25.07 a barrel by 2206 GMT on Sunday. West Texas Intermediate (WTI) crude futures fell $US1.32, or 5.6 per cent, to $US21.31 a barrel.
Oil prices have fallen for four straight weeks and have lost about 60 per cent since the start of the year.
The coronavirus, which has infected more than 325,000 and killed over 14,000 worldwide, has disrupted business, travel and daily life. Many oil companies have rushed to cut spending and some producers have already begun putting employees on furlough.
The market has had to contend with the twin shocks of the demand destruction caused by the coronavirus pandemic and the unexpected price war that erupted when the Organisation of the Petroleum Exporting Countries and producers including Russia were unable to come to an agreement to extend supply cuts.
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