Oil Prices Slump As Virus Crisis Worsens
Mohammad Ali (@ChaudhryMAli88) Published March 30, 2020 | 07:40 AM
Singapore, (UrduPoint / Pakistan Point News - 30th Mar, 2020 ) :Oil prices slumped in Asian trade Monday, tracking falls on stock markets after a sharp escalation in the coronavirus crisis over the weekend.
US benchmark West Texas Intermediate fell 3.9 percent to trade at $20 a barrel, while international benchmark Brent crude was off 4.9 percent at $23 a barrel.
The falls came after the death toll from the pandemic surged past 30,000 at the weekend as cases in hard-hit Europe and the United States rocketed.
Senior US scientist Anthony Fauci estimated the virus could possibly result in 100,000 to 200,000 deaths in the United States, while President Donald Trump extended "social distancing" guidelines until April 30.
The virus has infected more than 140,000 in the world's top economy and left more than 2,400 dead.
Oil markets have been plunging for weeks as lockdowns and travel restrictions imposed by governments worldwide to fight the virus sapped demand.
Top producers Saudi Arabia and Russia are also locked in a price war, contributing to massive oversupply that is pushing down prices.
Along with global stocks, prices had clawed back some ground last week as policymakers worldwide unleashed massive stimulus measures to prop up the virus-hit global economy.
But Stephen Innes, chief global market strategist at AxiCorp, said prices had now "softened".
This suggested "the direction of travel skews lower as markets anticipate a (second quarter) that will inevitably see a large build in inventories, as demand echoes the shutting down of major global economies", he added.
Related Topics
Recent Stories
TECNO answers to his Fans!! Price Drop to 55K?
Edotco Delegation Visits PTA
Qatar’s MoS for Foreign Affairs arrives in Islamabad
Seven labourers from Punjab shot dead in Gwadar
Nation will never forget criminals of 9th May who attacked state for politics: P ..
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 9 May 2024
Today Gold Rate in Pakistan 09 May 2024
IHC adjourns PTI founder, Qureshi's appeal till Thursday
CDWP recommends 3 projects to ECNEC for approval
Tarar assures APNS to resolve issues of newspaper industry
Pakistan urged to capitalize on economic stability, for Tobacco Tax Reforms
N. Macedonia polls set to upend ties with EU neighbours
More Stories From Miscellaneous
-
Concerted efforts urged to ease traffic flow on city roads
4 days ago -
Land degradation: A threat to food security
4 days ago -
Revamping health sector, a gigantic task ahead
4 days ago -
American band promotes intercultural harmony thru music fusions
5 days ago -
Waste Management – A persistent challenge for MWMC
6 days ago -
Experts for ending child labour
8 days ago
-
Labour Day - A reminder for better facilities to workers
8 days ago -
Stage Drama Mohabati Manhoon presents in Arts council Larkana
11 days ago -
Wheat farmers in a fix on price, procurement mechanism
11 days ago -
Modern tools to help transform crime investigation procedures
11 days ago -
Sanam Marvi captivates audience with mesmerizing performance
12 days ago -
Modern Education Techniques: A pathway to achieve economic development
13 days ago