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Oil plunges 20% as another virus-fueled trading week begins

U.S. & World

KUWAIT – JANUARY 15: A derek pumps in a oil field January 15, 2003 near the Saudi Arabian border, Kuwait. Kuwait produces 10% of the worlds oil and has promised to increase production as needed in the event of a war in Iraq. (Photo by Joe Raedle/Getty Images)

NEW YORK (AP) — Oil prices are plunging amid worries that an OPEC dispute will lead a virus-weakened economy to be awash in an oversupply of crude.

Brent crude, the international standard, lost $9.55, or 21.1%, to $35.72 per barrel, as of 7 p.m. Eastern time on Sunday after earlier touching its lowest price since early 2016. Benchmark U.S. crude fell $8.60 to $32.68.

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. The new coronavirus has hit travel and threatens to slow economies worldwide.

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