Global Covid-19 lockdowns drag oil down
The weakening demand will lead oil refineries to cut processing rates and drive a rise in stock, which in turn will lift pressure on oil prices
26 March 2020 - 12:15
London — 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 US $2-trillion emergency stimulus will bolster economic activity.
Brent crude futures fell $1.04, or 3.75%, to $26.35 a barrel by 8.34am GMT. West Texas Intermediate (WTI) crude futures fell 94c, or 3.8%, to $23.55 a barrel. Both contracts are down about 60% in 2020...
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