Oil slumps to lowest since 2003 on global recession threat

Mizuho Securities warns crude prices could go negative as Russia, Saudi Arabia flood market with supply. FMTNews MizuhoSecurities Oil

SYDNEY: Oil briefly traded below its lowest settlement price in almost 17 years as the coronavirus pandemic threatens to bring the global economy to a standstill, battering demand just as supply explodes.

While policymakers around the world take unprecedented steps to shore up their economies from the fallout of the coronavirus, the meltdown in oil demand and concurrent supply free-for-all by the world’s biggest producers continue to pull crude prices ever lower. The market is finding little succor in global efforts to stem the economic fallout. The US Federal Reserve on Tuesday announced the restart of a financial crisis-era program in an effort to stem the economic impact from the virus.

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