Oil prices at 17-year low as Covid-19 death toll soars

Oil prices slumped in Asian trade on Monday, tracking the fall on stock markets after a sharp spike in global coronavirus deaths to over 30,000 over the weekend. US benchmark West Texas Intermediate fell 3.9% to trade at $20 a barrel, while international benchmark Brent crude was off 4.9% at $23 a barrel. Oil markets have been plunging for weeks as lockdowns and travel restrictions imposed by governments worldwide to fight the virus, sapped demand. Top producers Saudi Arabia and Russia are also locked in a price war, contributing to massive oversupply that is pushing down prices.