Brent crude fell below $30 a barrel on Tuesday to its lowest since 2016, as the coronavirus pandemic slowed economic growth and oil demand while Saudi Arabia and Russia kept up their battle for market share, Trend reports citing Reuters.
Countries including the United States and Canada, along with nations in Europe and Asia, are taking unprecedented steps to contain the virus, curbing demand for crude and products such as gasoline and jet fuel.
Brent crude LCOc1 futures for May delivery fell 56 cents to $29.49 a barrel, or 1.9 percent, at 13:35 EST (1135 GMT).
West Texas Intermediate (WTI) crude CLc1 futures for April delivery fell 47 cents to $28.23 a barrel, a 1.6 percent loss. It has slumped more than 50% since Jan. 2.