SINGAPORE: US crude on Monday (Apr 20) fell below US$17 a barrel to fresh multi-year lows as the COVID-19 pandemic throttles global demand, ...
SINGAPORE: US crude on Monday fell below US$17 a barrel to fresh multi-year lows as the COVID-19 pandemic throttles global demand, despite a deal to slash output by major producers.
The oil market has been under pressure due to a spate of reports on weak fuel consumption and grim forecasts from the Organization of the Petroleum Exporting Countries and the International Energy Agency. OPEC, in conjunction with allies, agreed to cut production by 9.7 million bpd beginning in May to stem a growing supply glut as stay-at-home orders and business furloughs sap fuel demand.
The oil industry has been swiftly reducing production in the face of an estimated 30 per cent decline in fuel demand worldwide.
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