US crude falls below US$17 a barrel

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[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.

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.

"Crude oil prices remained under pressure, as projections of weaker demand weigh on sentiment," ANZ Bank said in a note.

Source: News Formal (newsformal.com)

 

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