US crude falls below $17 a barrel

US crude on Monday fell below $17 a barrel to fresh multi-year lows as the coronavirus pandemic throttles global demand, despite a deal to slash output by major producers.

West Texas Intermediate, the US benchmark, was down 7.5 percent to $16.9 a barrel in early Asian trade.

International benchmark Brent was 0.5 percent lower at $27.94 a barrel.