Oil fell in Asian trade Wednesday as a rally lost steam with Saudi Arabia flooding the market with crude and the escalating coronavirus pandemic sapping global demand.

Prices plunged to their lowest levels in 18 years on Monday but staged a strong rebound the following day as investors took heart from moves by policymakers to support the virus-hit world economy.

In afternoon Asian trade Wednesday, US benchmark West Texas Intermediate (WTI) was down 1.66 percent to $20.14 a barrel after trading higher in the morning.

Brent, the international benchmark, tumbled 3.42 percent to $25.45 a barrel in volatile trade.

Source: AFP