It looks like it’s going to be another punishing week for the financial markets. The price of oil has collapsed to a level not seen since 2002 as the coronavirus pandemic continues to hammer global demand. Brent crude fell to $23.03 a barrel at one point Monday morning—the lowest level seen since way back in November 2002; at one point, U.S. crude fell beneath $20 a barrel. The demand for crude oil has been dramatically cut back because planes have been grounded around the world and people taking far fewer car journeys. That’s been compounded by a price war that broke out this month between Saudi Arabia and Russia. “Oil prices failed to keep pace, with growing (coronavirus) lockdown measures and reports that this could drive global demand down 20 percent, potentially pushing the world to run out of storage capacity,” said Morgan Stanley analyst Devin McDermott, according to BBC News. Meanwhile, global markets sank again Monday following President Trump’s announcement that social-distancing measures would be extended at least through April.
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