Crude futures slump 7pc, WTI drops below $20/bl
Benchmark US crude futures have fallen by more than 7pc to below $20/bl, as the expiry of the Opec+ production restrain deal and plunging demand from the coronavirus sent prices sharply lower.
The Nymex front-month May WTI crude futures contract fell as low as $19.92/bl today, down by 7.4pc from its close on 27 March. Nymex WTI crude futures last settled below $20/bl in February 2002.
The front-month May Ice Brent crude futures contract fell by as much as 7.6pc to $23.03/bl.
Futures were hit by the prospect of a worsening supply glut ahead of tomorrow's expiry of the Opec+ output restraint agreement, which will leave signatories to the pact free to supply as much as they choose. Saudi Arabia has said it is not talking with Russia about reducing oil output.
Demand has fallen drastically, with refiners around the world cutting runs as the coronavirus slashes oil demand and erodes products margins.
The introduction of stimulus measures by governments across the globe, including the approval of a massive relief bill by the US congress, failed to support market sentiment.
By Fabian Ng
source: Argus Media
Top News
Five last month
Two last year
US Energy Dept finalizes $2.26bn loan for Lithium Americas’ Nevada mine
Abandoned copper mines embraced as fast track to boost output
Glencore posts lower metals output for first nine months, reiterates outlook
Mercuria eyes equity in African assets, new metals boss says
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Traders see gold as a surefire bet as coin-toss election looms
Gold price surge adds glitter to tarnished miners
Environmentalists sue over US approval of ioneer’s Nevada lithium mine
Gold price shows little reaction to jobs data
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
Liberty Gold advances Black Pine project permitting
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years