Oil falls as demand drops to levels not seen in 25 years
The International Energy Agency says no amount of output cuts can offset the falls in the market
15 April 2020 - 13:04
London — On Wednesday, the International Energy Agency (IEA) forecast a 29-million barrel per day (bpd) dive in April oil demand to levels not seen in 25 years and warned that no output cut by producers could fully offset the near-term falls facing the market.
Benchmark Brent crude futures fell following the IEA’s monthly report, trading down more than 4% or $1.30 to $28.30 a barrel at 10.27am GMT...
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