Oil prices plunge amid worries that an OPEC dispute will lead an economy weakened by COVID-19 to be awash in an oversupply of crude
A trader walks by beneath a stock display board at the Dubai Stock Exchange in the United Arab Emirates, on March 8, 2020. Saudi's stock exchange fell 6.5 percent and other Gulf markets tumbled to multi-year lows at the start of trading after OPEC and its allies failed to clinch a deal over oil production cuts.
Brent crude, the international standard, lost $8.77, or 19.3 percent, to $36.50, as of 7:23 pm. Eastern time on Sunday after earlier touching its lowest price since early 2016. Benchmark US crude fell $8.11 to $33.17. Demand is falling as people cut back on travel around the world. The worry is that the new coronavirus will slow economies sharply, meaning even less demand.
The virus usually leaves people with only mild to moderate symptoms, but because it's new, experts can't say for sure how far it will ultimately spread and how much damage it will do, both to health and to the economy.
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