Crude oil futures drop at open
FILE PHOTO: The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, U.S. November 24, 2019. REUTERS/Angus Mordant/File Photo
In early trading, Brent futures fell 7.1% to $23.15 a barrel as of 6:13 p.m. EDT , while U.S. crude futures lost 5.6%, or $1.17, to $20.34 a barrel. The coronavirus pandemic has already killed about 32,000 people and sickened more than 500,000 worldwide. On Sunday, Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, estimated the United States alone could suffer as many as 200,000 deaths.
Despite this, Saudi Arabia and Russia remain at loggerheads. Russian oil companies have said they expect the price war to continue, while the Saudis have not given any indication that there are new talks coming to curb supply.
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