West Texas intermediate crude, the U.S. benchmark, now sits at $20.37 a barrel, less than a third of its price at the beginning of the year.

Oil is getting pummeled from two sides. Cratering demand as the economy grinds to a halt is taking the biggest bite. But a price war between Russia and Saudi Arabia leading the two oil giants to flood the world with supply is also weighing on its value.

AD

Cheap oil once spelled good news for U.S. economic growth, as consumers and energy-intensive businesses alike benefited from the lower costs. But the revolution in shale drilling has flipped that dynamic on its head: In November of last year, the U.S. became a net exporter of oil. The domestic industry that produces it has become a keyon March 23 at the open, the exchange said. The facilities to be closed are the NYSE equities trading floor and NYSE American Options trading floor in New York, and NYSE Arca Options trading floor in San Francisco … The stock market has closed at times over the years, such as during World War II and in the wake of 9/11, but this is the first time the physical trading floor of the Big Board has ever shut independently while electronic trading continues.”

More market news:

Bill Ackman issues dire warning: “Investor Bill Ackman urged [Trump] and corporate America in an impassioned plea on CNBC to shut down the country for 30 days to contain the fast-spreading coronavirus, calling it the only option to rescue the economy,” CNBC's Yun Li