Oil prices fell today after three sessions of gains as restrictions on travel worldwide crimped fuel demand, with U.S. crude futures plunging about 4% after the United States scrapped plans to buy domestic oil for its emergency reserve.
Concerns about demand also overshadowed expectations that a $2 trillion U.S. stimulus package will bolster economic activity.
West Texas Intermediate (WTI) crude CLc1 futures dropped 91 cents, or 3.7%, to $23.58 a barrel by 15:11 GMT. Brent crude LCOc1 futures fell 11 cents to $27.28 a barrel. Both contracts are down about 60% this year.