Oil prices plunged to multiyear lows, with Brent crude on course for its worst week in more than four years as the selloff driven by coronavirus fears accelerated
Oil prices plunged to multiyear lows Friday, with Brent crude on course for its worst week in more than four years as the selloff driven by coronavirus fears accelerated.
Brent crude dropped below $50 a barrel for the first time in 2½ years and was last down 2.1% at $50.66 a barrel, on course for fresh 13-month lows having earlier hit its lowest prices since July 2017. That means the global benchmark will have suffered its sharpest weekly drop—some 14%—since January 2016.
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