Oil prices fell for a third session on Wednesday with U.S. crude futures tumbling to a 17-year low as travel and social lockdowns sparked by the coronavirus epidemic knocked the outlook for demand.

U.S. crude (Clc1) was down $1.77 cents, or 6.57%, at $25.18 per barrel by 10:41 GMT, having earlier fallen to $25.06, its lowest since late April 2003.

The last time oil was trading that low, the United States had invaded Iraq and China had only begun its rise as a major global economic power that propelled the world's oil consumption to record highs in subsequent years.

Brent crude (LCOc1) was trading down 95 cents, or 3.31%, at $27.78 a barrel, after dropping to $27.56, its lowest since early 2016.

Source : Reuters