Oil prices under pressure after sub-zero plunge | Financial Times:
Global oil markets remained under intense pressure on Tuesday, with Brent crude dropping below $20 per barrel for the first time in 18 years while other major benchmarks across the world tumbled.
Brent, the international marker, slipped as low as $18.10. The fall suggests markets see no immediate let-up to the collapse in oil demand that sent some US oil benchmarks plunging below $0 for the first time on Monday, leaving producers paying for buyers to take their oil away while available storage is scarce.
“The weakness we’re seeing in Brent today is more of a reflection of fundamentals — the fact that demand today is so weak,” said Christopher Haines, an analyst at Energy Aspects.
Coronavirus has sent the oil sector into a state of crisis, with lockdowns implemented by authorities to contain the outbreak slashing demand for crude by as much as a third.
No comments:
Post a Comment