Oil slumps with more supply cuts needed as storage fills up
Brent falls below $16, its lowest since June 1999, in the ‘broken oil market’ as the coronavirus pandemic hammers fuel demand
London — Oil slumped to less than $16 a barrel on Wednesday, hitting its lowest since 1999, with the market awash with excess supply as the economic fallout from the coronavirus pandemic continues to hammer demand for fuels.
A glut has been building since oil cartel and partners Opec+, led by Saudi Arabia and Russia, failed to renew output cuts last month. Opec+ agreed new curbs this month, but government lockdowns to contain the Covid-19 pandemic have cut fuel demand more steeply...