Oil slides 6% as producer cuts fail to banish demand fears [Reuters (UK)]
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Source: Reuters
Oil slides 6% as producer cuts fail to banish demand fears - Reuters 4 Min Read NEW YORK (Reuters) - Oil prices fell around 6% on Tuesday as investors doubted that record OPEC+ supply cuts would soon balance markets as demand plunges due to the coronavirus pandemic. Brent crude futures fell $1.74, or 5.5%, to $30.00 a barrel by 12:57 p.m. EDT (1657 GMT). U.S. West Texas Intermediate (WTI) crude was down $1.51, or 6.7%, at $20.90 a barrel. Global oil producers worldwide are expected to cut overall output by roughly 19.5 million barrels per day, or nearly 20% of world supply. However, those commitments - which include voluntary cuts that will happen gradually in places like the United States - will not be enough to reduce the growing worldwide supply glut. Oil prices remain more than 50% down this year. “With demand destruction forecasts ranging from 15 million to 22 million bpd in April 2020 and these measures not even coming into place until May, we are likely to see a substantial ove
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