Oil slips to lowest level since 2003 as economies brace for recession

Oil prices fell to the lowest levels seen since 2003 as the coronavirus pandemic eroded demand for travel and prompted fears of a global recession. West Texas Intermediate fell 6.4 per cent to $25.23 at 3.42pm UAE time – the lowest level seen since May 2003. Brent, the most widely-used benchmark, was down 4 per cent at $27.59 per barrel. Read More Business Extra: Scenarios for the future of energy and national response to coronavirus Brent falls below $30 even as markets show signs...