Oil price hits $25 a barrel as US stocks surge
‘The market is oversupplied in April to the tune of 25-million barrels per day. There’s nowhere to hide from this tsunami of oversupply’
London — Oil slid to $25 a barrel on Wednesday, within sight of its lowest in 18 years, as a report showing a big rise in US inventories and a widening rift within Opec heightened oversupply concerns.
Pledges of higher output from Saudi Arabia and Russia after a supply pact collapsed and a slide in demand due to the coronavirus outbreak have hammered the market...