Oil price sinks as market doubts OPEC supply cuts will be enough


  • Energy Premium
  • Friday, 10 Apr 2020

Brent futures fell US$1.36, or 4.1%, to settle at $31.48 a barrel, while U.S. West Texas Intermediate (WTI) crude dropped $2.33, or 9.3%, to settle at $22.76. "The collapse in oil prices is a result of the reality that while OPEC is cutting as expected, there is simply too much crude in the physical space for sale, with too few pipelines to move it and too few buyers to take it," said Scott Shelton, energy specialist at United ICAP.(Oil crude pours - Reuters file pic)

NEW YORK: oil prices tumbled on Thursday on doubts that a deal between OPEC and allies to make a record oil supply cut would be enough to offset the collapse in global fuel demand caused by the coronavirus pandemic.

The Organization of the Petroleum Exporting Countries and its allies including Russia, a group known as OPEC+, agreed to cut output by 10 million barrels per day from May, the group said in a statement.

Article type: metered
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights
   

Next In Business News

Sapura Energy returns to the black with RM91.9mil net profit in 1Q Premium
Ringgit depreciates against US dollar Premium
DNeX to explore business synergy with Saudi Arabia-based Abilitii Premium
Pertama Digital exploring with banks to provide digital banking products Premium
Mynews posts net loss of RM10.22mil in 2Q22 Premium
Southern Cable targeting higher exports in FY22 Premium
KLCI ends 0.1% higher amid regional gains Premium
Hektar REIT's ESG commitment gets a 4-Star rating Premium
China c.bank makes biggest daily cash injection in three months Premium
Oil prices volatile ahead of G7 discussions on Russian exports Premium

Others Also Read