Offshore

Oil slumps to lowest since 2003 on global recession threat

The oil price continued its free fall, hitting the lowest level in almost 17 years as the coronavirus outbreak looks on track to halt the global economy.
Photo: Maxim Shemetov/REUTERS / X90156
Photo: Maxim Shemetov/REUTERS / X90156
BY SAKET SUNDRIA AND JAMES THORNHILL, BLOOMBERG

Oil extended its slide to the lowest level in almost 17 years as the coronavirus pandemic threatens to bring the global economy to a standstill, battering demand just as supply explodes.

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