Oil falls towards $25 as oversupply fears mount with U.S. inventory rise – By Alex Lawler (Reuters) / March 31 2020
LONDON (Reuters) – Oil slid towards $25 a barrel on Wednesday, within sight of its lowest in 18 years, as a report showing a big rise in U.S. inventories and a widening rift within OPEC heightened oversupply concerns.
Pledges of higher output from Saudi Arabia and Russia after a supply pact collapsed and a slide in demand due to the coronavirus outbreak have hammered the market.
Global benchmark Brent crude fell 66% in the first three months of 2020 in its biggest ever quarterly loss.
As of 1039 GMT, Brent LCOc1 was down 76 cents, or 2.9%, at $25.59. U.S. West Texas Intermediate crude Clc1 was down 1 cent at $20.47.
“April will be one of the toughest months in history for oil and this is no April fool’s joke,” said Bjornar Tonhaugen of Rystad Energy.
Continue to article: https://www.reuters.com/article/us-global-oil/oil-falls-towards-25-as-oversupply-fears-mount-with-u-s-inventory-rise-idUSKBN21J3RE?il=0
