REUTERS

U.S. West Texas Intermediate crude fell 24.4%, or $6.58, to settle at $20.37 per barrel, its lowest level since February 2002, CNBC said.

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At the low of the day, the contract hit $20.06. It was WTI's third worst day on record.

International benchmark Brent crude shed 14.1%, or $4.07, to trade at $24.67, its lowest level since 2003.

Oil is getting hit on both the supply and demand side. A slowdown in worldwide travel and business activity is weighing on demand, just as powerhouse producers Saudi Arabia and Russia prepare to ramp up production.