Oil Trades Below Lowest Settlement Price Since 2003 in New York

(Bloomberg) -- Oil futures in New York briefly fell below the lowest settlement price since 2003 as crude’s collapse continues in the face of simultaneous supply and demand shocks.

West Texas Intermediate fell to as low as $26.20 a barrel on the New York Mercantile Exchange, dropping below the $26.21 settlement on Feb. 11, 2016. That settlement was the lowest since May 2003.

Prices erased some of their losses to trade at $26.73, down 22 cents, at 8:05 a.m. in Singapore.

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