Restrictions on movements of people led to the biggest drop in US gasoline prices since 2005. FMTNews US
SINGAPORE: Oil clawed back some losses after collapsing below US$30 a barrel as the shutdown of swathes of the world’s economy triggers a meltdown in global fuel demand and the most volatile market on record.
Governments are restricting the movement of people by closing their borders and banning travel, hammering fuel consumption and leading to the biggest daily drop in US gasoline prices since 2005. The slump in demand is coinciding with a supply flood as Saudi Arabia and Russia look to boost production as they engage in a price war for market share.“The quarantine measures mean that global fuel demand is going to be hit hard, and that comes on top of a supply shock,” said Vivek Dhar, a Melbourne-based analyst at Commonwealth Bank of Australia.
France said it may further tighten a national lock-down, while Germany partially closed its borders with five neighbouring countries.
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