The International Energy Agency says global energy investment is likely to fall 20% in 2020, despite hefty Opec+ supply cuts
London — Oil prices fell on Wednesday after US President Donald Trump said he was working on a strong response to China’s proposed security law in Hong Kong.
Brent crude fell 53c, or 1.5%, to $35.64 by 8.27am GMT and US West Texas Intermediate crude was down 50c, or 1.5%, at $33.85. Gloomy forecasts over the economic impact of the pandemic also weighed on crude prices. The eurozone economy is likely to shrink between 8% and 12% this year, European Central Bank president Christine Lagarde said, warning that a mild scenario is already outdated and the outcome would be between the medium and severe.
Opec+ is cutting output by nearly 10-million barrels per day in May and June, but the question is whether it will continue to do so as demand recovers after the easing of Covid-19 lockdowns in many countries.
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