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Crude maintains downward path as global demand outlook remains weak

by ChemOrbis Editorial Team -
  • 30/03/2020 (10:06)
Global crude oil benchmarks fell on Friday as lower demand amid COVID-19 pandemic and oversupply fears stemming from the price war between Saudi Arabia-Russia further exacerbated the pressure on prices.

West Texas Intermediate crude oil was down $1.09 or 4.8% to settle at $21.51/barrel on the New York Mercantile Exchange on Friday. Brent crude oil, the other global benchmark, fell $1.41 or nearly 5.4% to close at $24.93/barrel on ICE Futures Europe.

Aforementioned factors continue to put a downward pressure on oil prices after they hit their lowest levels since February 2002 last week.

In fact, WTI crude oil on NYMEX was trading at around $20.86/bbl, down 65 cents or 3% during the intra-day session on Monday. Brent oil futures were $1.29 or 5.17% lower from its previous settlement to stand at $23.65/bbl at the time of writing.

Both crude oil benchmarks are hovering at around their lowest levels in almost 2 decades.
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