Crude Oil falls on Fear...




Oil markets continued to head south Wednesday, with U.S. crude futures tumbling to a near 18-year low as travel and social lockdowns sparked by the coronavirus epidemic knocked the outlook for demand.

AT 9:00 AM ET (1300 GMT), U.S. crude futures traded 8.7% lower at $24.94 a barrel, its lowest since May 2002. The international benchmark Brent contract fell 5.2% to $27.23, its lowest since May 2003.

The battleground against the virus has moved from Asia to Europe and America. Deaths have continued to soar in Italy and Spain, prompting the European Union to ban travellers from outside the bloc for 30 days in an unprecedented move to seal its borders. Travel within Europe has also been severely limited by public health measures closing most non-essential business activity.

The Trump administration has recommended the closure of restaurants, bars and schools while assembling a $1.2 trillion stimulus plan that would shortly send cash to Americans, and backstop airlines and other companies. However, even those financial measures look unlikely to stop a near-term collapse in physical demand for fuel.   Daily Thoughts @ http://www.folkd.com/user/ericavillalon

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