US crude plunged 6% and dipped below $20 a barrel Monday as the coronavirus pandemic continues to deal a devastating blow to energy demand
US crude plunged nearly 7% and finished at an 18-year low of $20.09 a barrel Monday as the coronavirus pandemic continues to deal a devastating blow to energy demand. At session lows, oil touched $19.27 a barrel -- the weakest intraday price since February 2002. Brent crude, the world's benchmark, tumbled as much as 13% and fell to as low as $21.65 a barrel, its lowest point in 18 years. Brent settled at $22.76 a barrel, the lowest close since November 2002.
First, Russia refused to cut production despite the obvious need for less supply. That refusal is driven by its desire to drown high-cost US producers in a sea of cheap crude in hopes of recapturing market share. Saudi Arabia responded by threatening to ramp up production and slashing prices further still. That caused an historic collapse in oil prices -- exactly the opposite of what was needed to stabilize the shaken market.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
U.S. Stock Futures Falter as Oil Trades at 18-Year LowInvestors are grappling with the mounting economic toll after U.S. government officials signaled that measures to contain the coronavirus pandemic may remain in place for many weeks.
Lire la suite »
18 Things on Sale You’ll Actually Want to Buy: From Patagonia to AesopLots of loungewear and home goods to make your time inside a bit better.
Lire la suite »
18 Couples on the Song that Defines Their RelationshipIn honor of Valentine's Day, 18 couples share their special song.
Lire la suite »
Google finally boots the Infowars app, 18 months after Apple - Business InsiderInfowars founder Alex Jones disputed the need for social distancing, shelter in place, and quarantine efforts.
Lire la suite »
Oil crash puts Africa's cash-strapped producers in perilCollapsing oil prices have left African producers facing not only lost revenue when they most need it to tackle coronavirus, but also a fall in hard-won market share they may never regain.
Lire la suite »