As social isolation measures to contain the spread of coronavirus increase, oil prices fell for the third consecutive session, on Wednesday (18), with futures in the United States touching a 17-year low.
Brent crude retreated $1.05, or 3.65 percent, to $27.68 per barrel at 8:26 a.m. PDT. U.S. crude fell $1.61, or 5.97 percent, to $25.34 per barrel. Earlier, Brent touched its lowest level since early 2016 at $27.56, while WTI touched $25.06, the lowest level since late April 2003.
"The collapse in oil demand due to the spread of coronavirus seems increasing," Goldman Sachs said in a statement. The last time u.S. oil reached this level was when the United States invaded Iraq and China had just begun its rise as a global power that propelled oil consumption to record levels in the following years.