BREAKING: Brent crude oil prices fall more than 20 percent, to under $36 per barrel. The losses follow a 10 percent drop in U.S. oil prices Friday, amid decreased demand as the global coronavirus outbreak spreads.
FILE - In this Thursday, Aug. 31, 2017, file photo, a flame burns at the Shell Deer Park oil refinery in Deer Park, Texas. Oil prices are plunging Sunday, March 8, 2020, amid worries that an OPEC dispute will lead a virus-weakened economy to be awash in an oversupply of crude.
Brent crude, the international standard, lost $9.50, or 20.1%, to $35.77 per barrel, as of 7:58 p.m. Eastern time on Sunday after earlier touching its lowest price since 2016. Benchmark U.S. crude fell $8.64 to $32.64. Stephen Innes, chief markets strategist at AxiCorp, called reports that Saudi Arabia could increase its oil production in order to gain market share a “shock-and-awe” strategy.
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