Oil falls to $18 as supplies surge and demand shrinks [MSN Money]
ING Group, N.V. (ING)
US:NYSE Investor Relations:
ing.com/investor-relations.htm
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Source: MSN Money
Oil traded near $8 a barrel in New York as a wave of gloomy demand forecasts and a cratering physical market outweighed an unprecedted deal to cut output.© David McNew/Getty ImagThe U.S. ergy boom has lasted longer than anyone would have imagined a decade ago and has more room to run as oil and gas wells become more productive.China’s economy suffered a historic slump in the first quarter after the coronavirus outbreak threated global markets for its goods. OPEC is predicting demand for its oil will fall to athree-decade lowAsiaIn the U.S., a key exchange-tradedfund© Bloomberg“As this contract march toward expiration and marri up more closely with the cash market, it gets lower and lower,” John Kilduff, partner at Again Capital, said by phone. Oil storage is filling up and “its a matter of weeks before we should be staring down that situation.”Load ErrorWt Texas Intermediate futur for May, which expire Monday, are at more than a $7 a barrel discount to June futur, close to the biggt s
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