Oil slides as demand worries overshadow OPEC deal to deepen supply cuts - Reuters

Oil slides as demand worries overshadow OPEC deal to deepen supply cuts - Reuters:

Oil prices fell on Thursday as the coronavirus epidemic showed no signs of slowing, feeding worries about the global economy and prompting investors to sell more risky assets like stocks and crude oil and park money in safe havens.

Oil’s losses came even as OPEC agreed to cut crude output by an extra 1.5 million barrels per day (bpd) in the second quarter, its deepest cut since the 2008 financial crisis.

The group made its action conditional on Russia and others joining. Analysts and traders said global oil markets were likely to be oversupplied in the second quarter as demand plummets.

Brent crude LCOc1 fell by $1.14, or 2.2%, to settle at $49.99 a barrel while U.S. West Texas Intermediate (WTI) CLc1 ended the session down 88 cents, or 1.9%, at $45.90.