Oil prices fell for a third session on Wednesday with U.S. crude futures tumbling to an 18-year low as travel and social lockdowns sparked by the coronavirus epidemic knocked the outlook for demand.
U.S. crude was down $5.30 , or over 19%, at $21.50 per barrel.
The last time oil was trading that low, China had only begun its rise as a major global economic power that propelled the world’s oil consumption to record highs in subsequent years.
Brent crude was trading down $3.50, or over 12%, at $25.30 a barrel.
“The oil demand collapse from the spreading coronavirus looks increasingly sharp,” Goldman Sachs said in a note forecasting a fall in the price of Brent to as low as $20 in the second quarter, a level not seen since early 2002.