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US crude posted a 29% weekly loss, its steepest since 1991, marking a fourth straight weekly decline. Brent fell about 40% over the same two-week period as the pandemic cut demand and OPEC output cuts collapsed.
A collapse in coordinated OPEC output cuts combined with demand losses keeps crude prices under pressure, weakening biofuel and energy-linked demand for agricultural products.
reuters.comStephanie KellyMar 20, 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.
Reuters wrap of the 20 March session: US crude posted its steepest weekly loss since 1991 as the pandemic cut demand and OPEC+ supply cuts collapsed.
