Oil prices fall to record low

Crude oil benchmarks fell sharply on Monday, with Brent hitting its lowest since November 2002, as fears grew over the coronavirus pandemic eroding demand and the Saudi Arabia-Russia price war threatened to overload the market.

Brent futures were down 4.15%, to $26.78 a barrel as of 07:58 Moscow time, after earlier dropping to $23.03, the lowest since November 2002.

U.S. West Texas Intermediate (WTI) crude futures fell as far as $19.92, near an 18-year low hit earlier this month, and was last trading down 4.6% at $20.51 a barrel, Reuters reported.