Oil Prices Dive 6 Percent to 12-Year Low; Is $20 a Barrel Possible?

January 12, 2016 12:13 AM

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Oil Prices Dive 6 Percent to 12-Year Low; Is $20 a Barrel Possible?

NEW YORK - A brutal new year selloff in oil markets quickened on Monday, with prices plunging 6 percent to new 12-year lows as further ructions in the Chinese stock market threatened to knock crude as low as $20 a barrel.

Amid an accelerating tailspin that shows no sign of slowing, Monday's dive - the biggest one-day loss since September - triggered a rash of panicky trading across the market.

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