Energy stocks took the sharpest losses on Wednesday on Wall Street after oil prices touched another 18-year low. Those in the S&P 500 index fell by 4.7 percent, including a 5.5 percent slide for ConocoPhillips and a 4.6 percent drop for Exxon Mobil. Demand for oil around the world will fall this year by a record amount amid widespread lockdowns, the International Energy Agency said Wednesday. Benchmark U.S. crude touched its lowest price since 2002 before recovering slightly to US$19.87 a barrel, down 24 US cents from a day earlier. Brent crude, fell US$1.91, or by 6.5 percent, to US$27.69 a barrel.-AP

Source: The Standard April 16, 2020 02:37 UTC