London: The benchmark WTI oil contract extended its slide Wednesday, hitting the lowest level since 2002, with output cuts planned by producers seen as not enough to offset a coronavirus-fuelled slump in demand.
WTI tumbled to $19.20 per barrel, while Brent North Sea crude was down at USD 28.38.
The International Energy Agency (IEA) has also said that global oil demand will fall by a record amount this year as lockdown measures introduced to curb the coronavirus outbreak bring the economy to a virtual halt.
