Markets > Commodities

Oil prices fall amid weaker demand

Xinhua News,NEW YORK
2020-04-16 04:10

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NEW YORK, April 15 (Xinhua) -- Oil prices extended losses on Wednesday after data showed a hard hit to crude demand as a result of virus-related lockdowns.

The West Texas Intermediate for May delivery decreased 0.24 U.S. dollar to settle at 19.87 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery fell 1.91 dollars to close at 27.69 dollars a barrel on the London ICE Futures Exchange.

Global oil demand is expected to fall by a record 9.3 million barrels a day (b/d) year-on-year in 2020, the International Energy Agency (IEA) said in its newly released report.

"The impact of containment measures in 187 countries and territories has been to bring mobility almost to a halt," the IEA said, adding demand in April is estimated to be 29 million b/d lower than a year ago, down to a level last seen in 1995.

Experts warned of a potential global supply glut of crude despite the OPEC+'s historic production cuts.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, a group known as OPEC+, agreed on Sunday to reduce output by 9.7 million b/d for May and June after four days of talks.
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