Oil falls as sinking demand outweighs stimulus hopes - Reuters

Oil falls as sinking demand outweighs stimulus hopes - Reuters:

Oil prices fell on Thursday, ending three sessions of gains, as movement restrictions worldwide to contain the coronavirus destroyed demand and overshadowed expectations that a U.S. $2 trillion emergency stimulus will bolster economic activity.

Brent crude futures fell $1.04, or 3.75%, to $26.35 a barrel by 0834 GMT. West Texas Intermediate (WTI) crude futures fell 94 cents, or 3.8%, to $23.55 a barrel. Both contracts are down about 60% this year.

“Oil markets received a lift from the U.S. stimulus chatter, but for the most part activity remains rudderless, awash in a sea of oil,” Stephen Innes, market strategist at AxiTrader, said.

The U.S. Senate on Wednesday overwhelmingly backed a $2 trillion bill aimed at helping unemployed workers and industries hurt by the coronavirus epidemic.