Global oil demand has plummeted by about 30% as the coronavirus pandemic curtailed movement across the world.
Brent crude was down 29 cents, or 0.9%, at $30.68 a barrel by 6:05 p.m. ET while U.S. oil fell 26 cents, or 1.1%, to $24.48 a barrel.
Brent crude was down 34 cents, or 1.1%, at $30.63 a barrel by 7:01 p.m. , while U.S. oil fell 35 cents, or 1.4%, to $24.39 a barrel. "Oil companies are dealing with a plethora of challenges due to the sudden decline in demand," Haseeb Ahmed, oil and gas analyst at GlobalData, said in a note. Both benchmarks have notched gains over the past two weeks, however, as countries have eased lockdowns and fuel demand has rebounded modestly. Oil production worldwide is also declining to reduce a swelling supply glut.
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