SINGAPORE: US crude fell about 20 per cent to below US$15 a barrel on Monday , its lowest level in about two decades, as a coronavirus-triggered collapse in demand eclipsed a deal to cut output.AdvertisementOil markets have plunged in recent weeks as lockdowns and travel restrictions around the globe batter demand for the commodity.
They drew a line under their dispute earlier this month when they and other countries agreed to cut output by almost 10 million barrels a day to boost virus-hit markets.But prices have continued to fall heavily, with analysts saying the cuts will not be enough to make up for massive falls in demand caused by the pandemic."Crude oil prices remained under pressure, as projections of weaker demand weigh on sentiment," ANZ Bank said in a note.
"Concern continues to mount that storage facilities in the US will run out of capacity," the bank added. The oil industry has been swiftly reducing production in the face of an estimated 30 per cent decline in fuel demand worldwide.
Time to buy that 5L mustang
Will the petrol kiosk in SG drop their pricing?
The oilandgas world is falling flat! Is there anyone worried for millions of people getting impacted by lay-off, and bankruptcy? Environmentalists like GretaThunberg may feel happy, definitely not the millions of hard working Oil men & women who stare at insecure life ahead
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US crude falls below US$17 a barrelSINGAPORE: 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, ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
US crude falls below US$17 a barrel[SINGAPORE] US crude on Monday fell more than eight per cent to below US$17 a barrel, hitting fresh multi-year lows despite a major deal to cut output as the coronavirus pandemic throttles demand. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Trump announces US$19b relief package for US farmers hurt by coronavirus[WASHINGTON/CHICAGO] President Donald Trump on Friday announced a US$19 billion relief programme to help US farmers cope with the impact of the coronavirus pandemic, including US$16 billion in direct payments to farmers and ranchers and mass purchases of produce, meat and other products. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Asia shares off to cautious start, US crude slidesCaution gripped Asian share markets on Monday on expectations a busy week of corporate earnings reports and economic data will drive home the ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
As US coronavirus deaths top 40,000, governors tell Trump it's too soon to reopen AmericaNEW YORK/WASHINGTON (REUTERS) - Governors in US states hardest hit by the novel coronavirus sparred with President Donald Trump over his claims they have enough tests and should quickly reopen their economies as more protests are planned over the extension of stay-at-home orders.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
Voting by mail in the spotlight as US Congress debates how to secure November electionsWASHINGTON (REUTERS) - US Congress is scrambling for ways to safeguard the Nov 3 elections amid the coronavirus pandemic, with a partisan fight shaping up over a Democratic proposal to require states to offer the option of voting by mail.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »