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Crude oil futures slide as pandemic darkens demand outlook


Monday, 30 March 2020 07:46 WIB

Minyak WTI


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Crude oil benchmarks dropped on Monday, extending last week's losses as the global coronavirus pandemic worsened and the Saudi Arabia-Russia price war showed no signs of abating.

U.S. West Texas Intermediate (WTI) crude (CLc1) futures hit a low of $19.92 in early trading and last traded down 5.2%, or $1.12, at $20.39 a barrel as of 2332 GMT, while Brent (LCOc1) futures fell 5.6%, or $1.40, to $23.53 a barrel.

The oil markets are enduring a twin shock of demand destruction caused by the coronavirus pandemic and the Saudi-Russia price war that is flooding markets with extra supply.

With the demand now forecast to plunge 15 million or 20 million barrels per day, a 20% drop from last year, analysts say massive production cuts will be needed beyond just the Organization of the Petroleum Exporting Countries (OPEC).

Source: Reuters


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