SINGAPORE: Oil languished at multi-year lows on Thursday, with WTI crude remaining around US$20 a barrel as dire warnings about a virus-triggered demand shock overshadowed a deal to cut output.
Prices have crashed as the coronavirus pandemic saps global demand, with the situation compounded by a supply glut resulting from a price war between Opec cartel kingpin Saudi Arabia and non-Opec rival Russia. Investors fear the agreement does not go far enough to offset massive demand losses, as storage capacity around the world shrinks because of the glut.
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