Brent crude oil dived below the threshold of $20 per barrel on Tuesday as the novel coronavirus (Covid-19) continues to ramp up oil oversupply amid low global consumption.

The international benchmark fell to as low as $18.02 per barrel, marking its lowest level since February 2002, at 0935 GMT on Tuesday for a 29.27% daily loss after it closed Monday at $25.48 a barrel.

American benchmark West Texas Intermediate (WTI) was trading at $6.95 a barrel at the same time for a 41.88% daily loss after it ended the previous day at $11.96 per barrel.

WTI crude oil fell

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