NEW YORK (AP) — Oil prices are plunging as a dispute among producers could lead a global economy weakened by COVID-19 to be awash in an oversupply of crude.
Brent crude, the international standard, lost $9.50, or 20.1%, to $35.77 per barrel, as of 7:58 p.m. Eastern time on Sunday after earlier touching its lowest price since 2016.
The dramatic losses follow a 10.1% drop for U.S. oil on Friday, which was its biggest loss in more than five years.
Prices are falling amid worries that producers won’t cut supplies enough to match falling demand.
COVID-19 has hit travel and threatens to slow economies around the world.