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Oil Falls As Sinking Demand Outweighs Stimulus Hopes


Thursday, 26 March 2020 18:06 WIB

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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 08:34 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.

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

Source : Reuters


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