Oil prices fall as US economic package crashes
Oil prices have fallen to multi-year lows in recent weeks as lockdowns and travel restrictions to fight the virus hit demand, and top producers Saudi Arabia and Russia engage in a price war. – EPA pic, March 23, 2020.
OIL prices fell at the open in Asia todoy after a trillion-dollar Senate proposal to help the coronavirus-hit American economy was defeated and death tolls soared across Europe and the US. US benchmark West Texas Intermediate initially tumbled more than 3% but then pulled back some ground to trade 1.5% lower, at US$22 a barrel.
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