Oil plunges to 18-year low as coronavirus lockdowns trigger market meltdown

Oil prices plunged on Wednesday, with U.S. crude futures hitting an 18-year low, as governments worldwide accelerated lockdowns to counter the coronavirus pandemic.

Oil futures have lost more than half their value in the past 10 days as schools have closed, businesses have shuttered and governments worldwide have urged residents to limit gatherings.

The decline in the U.S. market in the last 10 days is the largest ever for the contract since it was introduced in 1983.

"The market is cascading. It's trying to search for a bottom and it doesn't seem able to find one," said Gene McGillian, vice president of research