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Brent and WTI June futures fell to near two-decade lows after WTI May contracts had briefly gone negative. OPEC announced cuts of almost 10 percent of global supply, but coronavirus lockdowns have cut demand by as much as 30 percent.
Demand losses are outpacing announced supply cuts, keeping crude under heavy downward pressure. Weaker oil prices lower energy costs but weigh on biofuel margins that support vegetable oil and corn demand.
abc.net.auApr 21, 2020Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Brent and WTI June futures hit near two-decade lows on Apr 21 as demand fell and storage ran short, with OPEC cuts insufficient.
Brent and WTI June futures hit near two-decade lows as demand fell by as much as 30% and storage ran short, reinforcing the sell-off.
