Oil falls as Chinese economy outweighs Trump plan to ease lockdown - Reuters

Oil falls as Chinese economy outweighs Trump plan to ease lockdown - Reuters:

Oil prices fell on Friday, giving up early gains as China’s worst economic contraction on record outweighed news of U.S. President Donald Trump’s plans to get the American economy moving again.

Brent was down by 10 cents, or 0.4%, at $27.72 a barrel by 0815 GMT while U.S. crude CLc1 for May delivery tumbled by $1.54, or 7.8%, to $18.33. The more active June contract was down 3 cents, or 0.1%, at $25.50.

The extent of the U.S. decline was attributable to the imminent expiry of the May contract, on April 21, and fast-filling crude storage. The more active June contract for U.S. crude was down only 3 cents, or 0.1%, at $25.50.

“The market knows that U.S. crude stocks will fill very rapidly ... as refinery runs continue to be cut tremendously,” said Bjornar Tonhaugen, head of oil markets at Rystad Energy.