Crude oil prices crashed to their lowest level in about eighteen years on Wednesday as growing worries about an imminent recession due to the coronavirus outbreak raised concerns about global energy demand.
A price war between Russia and Saudi Arabia following disagreement about production cuts in the recent concluded OPEC+ meeting is adding to the woes in the oil market.
West Texas Intermediate Crude oil futures for April ended down $6.58, or 24%, at $20.37 a barrel, the lowest settlement price since February 2002. The contract fell to a low of $20.06 a barrel in the session.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.