Oil plunges below US$5 with traders fleeing expiring contract; some US buyers offering $2 per barrel
LONDON, April 21 (NNN-AGENCIES) — Oil plunged below $5 a barrel as the coronavirus pandemic ravages global economies, threatening to erase an entire decade of demand growth, slashing thousands of jobs and wiping out hundreds of billions of dollars from company valuations.
Industrial and economic activity is grinding to a halt as governments around the globe extend shutdowns due to the swift spread of the coronavirus.