Oil prices fall to record low globally after coronavirus outbreak

Oil prices around the world fell to a record low as the coronavirus continued to shake markets across the globe on Wednesday.

The latest reports on the oil prices concluded that the WTI oil fell by 12% on Wednesday as Brent prices also fell below 6%.

Reports said, WTI oil was priced at under $24 per barrel, as the coronavirus cuts global demand for crude.

WTI fell to $23.60 per barrel, while Brent North Sea oil touched a 2003 trough at $26.65 a barrel.

More than 200,000 new coronavirus cases has emerged globally since the beginning of the outbreak in December, according to AFP.

Nearly 200,680 people have been tested positive, with more than 8,000 deaths globally.