(Bloomberg) -- Oil fell below $18 a barrel in New York as a wave of gloomy demand forecasts and a cratering physical market outweighed an unprecedented deal to cut output.
China’s economy suffered a historic slump in the first quarter as the coronavirus outbreak threatened global markets for its goods. Meanwhile OPEC predicted demand for its oil will fall to a three-decade low, with refiners from Asia to Europe reducing or canceling purchases.
In the US, a key exchange-traded fund plans to move some of its giant futures position to a later month.