US, NEW YORK (ORDO NEWS) — Oil extended its slide in Asia, trading at near two-decade lows after production cuts agreed by top producers last week were seen barely making a dent in the demand destruction wrought by Covid-19 and increasing concerns that traders are quickly running out of room to store crude.
Futures in New York dropped as much as 5.4%, the lowest since November 2001 and following a 20% drop last week. China reported its first economic contraction in decades on Friday, a sign of how bad things could get in Europe and North America, which have yet to emerge from virus lockdown.
Near-term prices for U.S. crude are trading at huge discounts to later-dated contracts on concern the storage hub of Cushing, Oklahoma, will fill to capacity. That has seen prices disconnect from Brent futures in London.
This is a breaking news, we are working and more details will be published as soon as they are available… please refresh the page or go to IN THE NEWS to see latest updates.
—
Online:
Contact us: [email protected]
Our Standards, Terms of Use: Standard Terms And Conditions.