Oil Prices Sink as Coronavirus Cases and Supplies Rise

Brent, the global oil price benchmark, was down nearly 4% to less than $40 a barrel; WTI, the U.S. benchmark, slumped 4.5% to under $38 a barrel. Fueling the increase in oil storage levels were rising supplies as U.S. oil companies brought more of their idled oil pumps back on line, and tepid demand because of the coronavirus outbreak. Meanwhile, oil consumption in the U.S. will likely decline over the winter months as the cold weather and COVID-19 restrict travel.