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Oil prices dropped sharply as US crude slid toward $20 a barrel. Investors bet that pandemic-driven fuel demand destruction would outweigh record OPEC+ output cuts that are being implemented slowly.
Slow implementation of supply cuts against a roughly 30 percent demand drop leaves storage filling and prices under pressure. Lower crude weakens energy-linked costs and biofuel demand support.
reuters.comStephanie KellyApr 14, 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.
