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Oil Prices Crash to Lowest Level Since 1986

(FOXBusiness) U.S. equity markets slid Monday as oil crashed to levels last seen in 1986.

The Dow Jones Industrial Average fell by as many as 489 points, or 2.02 percent, in the opening minutes of trading before paring its losses. The S&P 500 and Nasdaq Composite were down 1.53 percent and 1.01 percent, respectively, at their lows.

Ongoing concerns over swelling oil inventories pushed West Texas Intermediate crude for May delivery down by as much as 57 percent to $7.91 per barrel.

The plunge in crude prices pressured oil majors Exxon Mobil and Chevron, which were the biggest decliners among Dow components.

Elsewhere in the space, oil services provider Halliburton lost $1.02 billion in the first quarter and said it would cut costs by $1 billion as the crash in oil prices has decimated investment. Explorers Continental Resources and EOG Resources were among the other energy names in focus.

President Trump said during his coronavirus task force update on Sunday evening that lawmakers were closing in on a deal that would replenish funding for small businesses ravaged by the economic fallout from COVID-19. An agreement would also provide funding for testing and to hospitals that have been overwhelmed with patients.

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