Commodity News
HeadLine : Oil extends slide, nears $30 a barrel as virus weighs on global economy
Date : Mar 16 2020
Over the weekend, more governments locked down by cancelling flights to contain the virus, telling some businesses like restaurants to close and encouraging more people to stay home. Brent crude fell $1.83 to $32.02 a barrel, extending a plunge of over 20% last week. The front-month price opened at a high of $35.84 but slipped a low of $31.63. U.S. crude was at $30.20, down $1.53 after slipping below $30 earlier in the session, despite U.S. President Trump’s pledge to fill strategic oil reserve at the world’s largest oil consumer “to the top”. Oil markets have come under intense pressure from both worries about demand destruction as the pandemic spreads and oversupply after top exporter Saudi Arabia ramped up output and slashed prices to increase sales to consumers in Asia and Europe.

Source : Reuters
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