Oil prices fall 1% as glut weighs, COVID-19 erodes global demand

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Oil prices fall 1% as glut weighs, COVID-19 erodes global demand
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NEW YORK: Oil prices opened about one per cent lower on Sunday (May 10) as a persistent glut continued to weigh on prices and COVID-19 eroded ...

NEW YORK: Oil prices opened about one per cent lower on Sunday as a persistent glut continued to weigh on prices and COVID-19 eroded global oil demand even as some governments began to ease lockdowns.

"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.

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