x
Breaking News
More () »

Oil falls 25% as another virus-fueled trading week begins; Asian stocks plunge

The new coronavirus has hit travel and threatens to slow economies around the world.

NEW YORK — Oil prices are plunging as a dispute among producers could lead a global economy weakened by COVID-19 to be awash in an oversupply of crude. 

Brent crude, the international standard, lost $11.44, or 25.3%, to $33.83 per barrel in electronic trading in London. 

Benchmark U.S. crude fell $10.77, or 26.1%, to $30.49. 

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. COVID-19 has hit travel and threatens to slow economies around the world.  

RELATED: 2 members of Congress say they met man with coronavirus

Asian stock markets have plunged after global oil prices nosedived over the virus fears. 

Tokyo's benchmark tumbled 6.2% early Monday, while Sydney dropped 6.1%. Hong Kong and Seoul also were down at least 4%. 

The drop was triggered by a 26% fall in oil prices due to conflict between Saudi Arabia, Russia and other oil producers over how much to cut output to prop up prices. 

Markets already have been shaken by the potential impact of the virus outbreak that began in China and has disrupted travel and trade. 

RELATED: Coronavirus live updates: Pelosi, Schumer say Trump needs to support help on outbreak; 2 congressmen staying home

Generic oil and gas.