Oil plummets 26% to 18-year low as global price war escalates

[riversedge]

Source: Business Insider


Mar. 18, 2020, 03:06 PM

Reuters

Oil fell to an 18-year low on Wednesday as the global price war between OPEC and its former allies continued.
West Texas Intermediate crude fell as much as 26%, to $20.06 per barrel. Brent crude, the international benchmark, fell more than 14%, to $24.52 per barrel at intraday lows.
Oil has slumped as the coronavirus pandemic has hit global demand from industries like airlines and cruise providers.
Watch Brent crude trade live on Markets Insider.

Oil prices plunged yet again on Wednesday, shedding as much as 26% and falling to an 18-year low. The losses came as the resource battles a coronavirus-driven demand slowdown, as well as the continued escalation of a global price war between Saudi Arabia and Russia.

West Texas Intermediate crude fell as much as 26%, to $20.06 per barrel. Brent crude, the international benchmark, fell more than 14%, to $24.52 per barrel at intraday lows.

The commodity has slumped — shedding as much as 51% this month alone — during the coronavirus pandemic. Global demand has taken a hit amid a wave of canceled trips for airlines and cruise ships. The outbreak also sparked a global price war between OPEC and its allies as they could not agree on further production cuts...............................................

Read more: https://markets.businessinsider.com/commodities/news/oil-price-plunge-war-saudi-arabia-russia-output-coronavirus-reaction-2020-3-1029010123

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gas prices mid WI

about 1. 79 to 1.84

[jimfields33]

1. 2.02 in Leesburg Florida

[ProfessorGAC]

10. Paid $1.719 Here.

At a Circle K, so I got the 6¢ off. Actual pump price was $1.779.

[jimfields33]

11. Ugh. Darn. I went to the gas station next to Winn dixie

Speedway. I couldn’t remember at first. Lol. Next time I go for gas, I am emailing you first. Lol.

[Rorey]

2. I'm going for a drive

[Iwasthere]

3. How long before it reaches the fuel stations

Not seeing it yet

[riversedge]

12. I wondered that also.

[brewens]

4. And me with a full tank of gas and knowhere to go. Almost three weeks ago when I went on my

supply run, I topped off at about ten cents higher than it is now. Now that I'm making myself scarce, I haven't used hardly any of it.

[bucolic_frolic]

5. Great! Gas is finally affordable but everywhere is closed

Maybe a drive in the country is still allowed?

[redstatebluegirl]

6. Obviously the great deal maker and friend

of the Saudis is unable to fix this. The great art of the deal.

[cureautismnow]

7. Gas Buddy says $1.17 at a Sam's Club in OKC

https://www.gasbuddy.com/GasPrices/Oklahoma

[beachbumbob]

8. produces still taking advantage, it should be $1.15-$1.25/gal

[EX500rider]

14. The gas at the pump was bought when the barrel price was much higher, take some time to make ..

...it from oilhead to gas pump.

[wishstar]

9. Gas where I am in W. North Carolina is finally back to what it was when Trump took office

Ever since the 2017 Colonial pipeline fire, gas in my area has stayed about 20 cents to 30 cents a gallon higher than when Obama left office, so this week's lower prices don't impress me very much so far especially since so much travel is at a standstill.

[BadGimp]

13. We are getting SO SCREWED by the Oilopolies

The price here is down $.10 while the price of crude is down like 60%?

[Miguelito Loveless]

15. Started driving electric in 2014

No regrets and never going back. Also, you would not believe how dirty gas pumps are. ALWAYS wash your hands after pumping gas. Your toilet seat is cleaner.