ADVERTISEMENT
The Sun Nigeria
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
The Sun Nigeria
No Result
View All Result
Home Business

Oil prices plunge to 20-year low as COVID-19 demand hit deepens

20th April 2020
in Business, World News
0
Oil prices plunge to 20-year low as COVID-19 demand hit deepens

Oil prices plunge to 20-year low as COVID-19 demand hit deepens

0
SHARES
401
VIEWS
Share on FacebookShare on Twitter

(The Guardian)

The selloff in US crude oil futures was a brutal 21% in early Monday trade, and there is little sign of any imminent recovery, with West Texas Intermediate May prices still bumping along below $15 per barrel.

“Don’t panic,” suggest analysts led by Mark Haefele, chief investment officer in UBS’s wealth management arm. They forecast prices of WTI and Brent crude of $20 per barrel at the end of June, and over $40 per barrel at the end of the year.

The volatile trade comes amid fears US storage facilities could soon max out, leaving markets watching both domestic production and inbound crude tankers due for US ports. If the current pace of the inventory build continues, we could see US tanks hit max capacity roughly by the end of June.

But the sharp swing in the front month contract also reflects thinned trade, with most of the market already shifting to the June contract before the Tuesday rollover.

But oil prices could be the last of the major asset classes to recover from the coronavirus crisis, cautioned Stephen Innes, global markets strategist at foreign exchange trader Axicorp.

Regardless of what OPEC does, there will be structural demand loss for oil due to less travel. At a minimum, oil prices will be the last asset class to recover from lockdown. End transport demand will only occur in the final stages of reopening when border crossing is allowed, and travel restrictions get lifted. People will then flock again to planes, trains, and automobile

Click Here>>>>>>7 Natural Herbs to Finally End Premature Ejaculation and Weak Erection<<<<<<

Click Here>>>>>>Anti-kidnap and anti-theft device for tracking and listening<<<<<<

David

David

Sun News Online team

Related Posts

MILITANTS
World News

Militants kill 2 female Afghan army officers, wound others

12th January 2021
Record snowfall hits Japan, kills 13, injures hundreds
World News

Record snowfall hits Japan, kills 13, injures hundreds

12th January 2021
Indonesia uses unmanned undersea vehicle in search for crash victims
World News

Indonesia uses unmanned undersea vehicle in search for crash victims

12th January 2021
Next Post
Kyari's exit has truncated continuity in Buhari's administration - Nwobodo

Kyari's death has cut continuity in Buhari's administration - Nwobodo

COVID-19: NPDC food donation reduces hunger in 33 Delta communities

COVID-19: NPDC food donation reduces hunger in 33 Delta communities

UCH doctor tests positive for COVID-19

UCH doctor tests positive for COVID-19

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Highlights

Indonesia uses unmanned undersea vehicle in search for crash victims

Kwara APC elders declare support for AbdulRazaq

Abia govt mulling over relocating Milverton luxury bus park

Concern grows over potential superspreader event during Capitol riot

U.S. House Democrats introduce article of impeachment against Trump

Sports minister, Dare elated over Alaafin’s visit to Soun

Trending

MILITANTS
World News

Militants kill 2 female Afghan army officers, wound others

12th January 2021
0

Authorities' two female army officers were killed, while two other fellow officers and their driver were wounded...

ebonyi

COVID-19: Umahi orders fresh fumigation of public places in Ebonyi

12th January 2021
Record snowfall hits Japan, kills 13, injures hundreds

Record snowfall hits Japan, kills 13, injures hundreds

12th January 2021
Indonesia uses unmanned undersea vehicle in search for crash victims

Indonesia uses unmanned undersea vehicle in search for crash victims

12th January 2021

Kwara APC elders declare support for AbdulRazaq

12th January 2021
ADVERTISEMENT

Follow us on social media:

Categories

  • Abuja Metro
  • Arts
  • Broken Tongues
  • Business
  • Business Week
  • Cartoons
  • Citizen Joe
  • Columns
  • Cover
  • Culture
  • Duro Onabule
  • Editorial
  • Education Review
  • Effect
  • Elections
  • Entertainment
  • Events
  • Features
  • Femi Adesina
  • Food & Drinks
  • Frank Talk
  • Funke Egbemode
  • Gallery
  • Global Square by Kenneth Okonkwo
  • Health
  • Insights
  • Kalu Leadership Series
  • Kunle Solaja
  • Kunle Solaja
  • Letters
  • Lifeline
  • Lifestyle
  • Literary Review
  • Marketing Matters
  • Muiz Banire
  • National
  • News
  • Offside Musings
  • Opinion
  • oriental news
  • Politics
  • Press Release
  • PressClips
  • Public Sphere
  • Ralph Egbu
  • Shola Oshunkeye
  • Sideview
  • South-west Magazine
  • Sponsored Post
  • Sporting Sun
  • Sports
  • Sun Girl
  • Tea Time
  • The Flipside – Eric Osagie
  • The Sun Awards Live
  • The Sun TV
  • Thoughts & Talks
  • Time Out
  • Today's cover
  • Tola Adeniyi
  • Travel
  • Travel & Tourism
  • Trending
  • TSWeekend
  • Turf Game
  • Uncategorized
  • Updates
  • Views from Abroad
  • Voices
  • World
  • World News
  • Home
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun

© 2019 The Sun Nigeria - Managed by Netsera.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist