Oil prices getting crushed on lack of demand
Oil falling to levels not seen since 1999
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U.S. oil prices plunged to start the week as the global lockdown due to coronavirus is evaporating fuel demand and producers have so much supply and are running out of places to store it.
West Texas Intermediate crude oil tumbled Monday, down 28 percent or $5.15 to $13.12.
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These are levels not seen since 1999.
Brent crude, the international standard was down $1.01 to $27.06.
Economies are suffering as countries try to slow the spread of coronavirus by shutting down all activities.
OIL TUMBLES TO 18-YEAR LOW AS CORONAVIRUS DINGS CHINA GDP
Last week, China reported its gross domestic product shrank for the first time since people started keeping records in 1992.
Slower economic growth means there will be less demand for oil and its byproducts, including gasoline and jet fuel.
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In a report out Thursday, OPEC said global demand will fall by 6.9 million barrels per day amid the COVID-19 pandemic. In a separate report out Wednesday, the U.S. Energy Information Administration said 9.3 million barrels per day of demand has been zapped.
FOX Business' Jonathan Garber contributed this this article.