U.S. West Texas Intermediate crude dropped $3.03, or 9.5%, to settle at $28.70 per barrel. Earlier in the session, WTI fell to a session low of $28.03 per barrel. International benchmark Brent crude fell 12.2%, or $4.15, to trade at $29.68, its lowest level since Jan. 2016.
The moves followed a wild overnight session for global stocks, which plunged to multi-year lows across the board following the Federal Reserve’s emergency 1% rate cut, pledges from central banks in Japan, Australia and New Zealand to either lower rates, purchase assets or inject liquidity, and the largest declines on record for industrial output and retail sales in China following a near-national shutdown of its manufacturing sector last month. @ https://www.thestreet.com