Crude dropped to its lowest in 17 years as virus lockdowns cascaded through the world's largest economies, leaving the market overwhelmed by cratering demand and an unmanageable surplus.
Futures in London fell as much as 7.6% to their lowest since November 2002 while also slumping in New York to trade below $20 a barrel. Physical oil markets are struggling to store fuel, hit by a double whammy of coronavirus restrictions eroding demand while Saudi Arabia and Russia dig in their heels over a damaging war for market share.
Futures in London fell as much as 7.6% to their lowest since November 2002 while also slumping in New York to trade below $20 a barrel. Physical oil markets are struggling to store fuel, hit by a double whammy of coronavirus restrictions eroding demand while Saudi Arabia and Russia dig in their heels over a damaging war for market share.
Monty Bannerman
Managing Director
Tel: +1 646-402-5076
Managing Director
Tel: +1 646-402-5076
Cell: +1 305-984-1177
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