Brent crude sinks below $30/bbl as recession fears weigh - Reuters

Brent crude sinks below $30/bbl as recession fears weigh - Reuters:

Crude oil prices settled below $30 a barrel as the coronavirus pandemic slowed economic growth and oil demand on Tuesday while Saudi Arabia and Russia kept up their battle for market share.

Countries including the United States and Canada, along with nations in Europe and Asia, are taking unprecedented steps to contain the virus, which has already killed 7,500 people. Numerous governments have told residents to restrict their movements while businesses shutter, curbing demand for fuels.

Brent crude LCOc1 futures fell $1.32 to settle at $28.73, the first time that benchmark has settled below $30 per barrel since 2016. It then fell further in post-settlement trade. 


West Texas Intermediate (WTI) crude CLc1 futures fell $1.75, or 6.1%, to settle at $26.95 a barrel. 


“You’re getting new demand destruction news coming at you every hour,” said John Kilduff, a partner at Again Capital Management in New York.