Oil trades at 18-year low on plunging demand amid pandemic: Bloomberg

The oil market continued its slide in Asia, trading at an 18-year low after agreed production reduction by Russia and Saudi Arabia barely made a positive impact on the plunging global demand amid the COVID-19 pandemic, Bloomberg reported on Sunday.

Futures in New York dropped 5.5 percent on April 19 after nosediving 20 percent over the last week, reaching the lowest point since November 2001, according to Bloomberg. Markets predict that the global economic slump is going to continue due to restrictive measures in response to the coronavirus spread in Europe and North America.