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Brent drops 10%, WTI sees below 30$/bbl during Monday trading

by ChemOrbis Editorial Team -
  • 16/03/2020 (16:51)
On Monday, global crude oil futures resumed their slide as Fed’s emergency rate cut was proven to have failed to support the energy markets. Both benchmarks settled with slight increases on Friday, trying to pare their drastic losses during the free-fall back in last week. Prices mostly followed a bearish trend since a collapse on March 9.

China’s record-low industrial output was cited as another factor to put downward pressure on oil prices.

In intraday trading, U.S. West Texas Intermediate (NYMEX) crude oil is currently trading at $29.08/barrel, down $2.65 or 8.35% on a daily basis. The other international benchmark, ICE Brent is now hovering at around $31.89/barrel, indicating a daily drop of $3.55 or 10.02% at the time of writing.

Global crude oil prices have been on a downward path since late February, with both benchmarks losing nearly 40% so far, according to the weekly average of ChemOrbis Price Wizard.
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