Coronavirus: oil has a minimum of 17 years in the U.S.

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.

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