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. — Reuters pic
US benchmark West Texas Intermediate rose nearly three per cent to change hands at US$20.44 per barrel after falling below US$20 yesterday — its lowest price in 18 years. 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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