Global oil benchmark Brent crude plunged to its cheapest in almost 18 years overnight and US crude briefly tumbled below $US20 per barrel on growing fears the global coronavirus shutdown could last months and demand for fuel will decline further. With Saudi Arabia and Russia set to flood the market […]
Oil
Saudi Arabia plans to boost oil exports
Saudi Arabia plans to boost its oil exports to 10.6 million barrels per day from May because the country is burning less oil for power generation and there is also lower domestic consumption, a Saudi energy ministry official says. The world’s top oil exporter has already made plans to boost […]
Oil posts fifth straight weekly loss
Oil prices plunged another five per cent and posted a fifth straight weekly loss as demand destruction caused by the coronavirus outweighed stimulus efforts by policymakers around the world. Both contracts are down nearly two thirds this year and the coronavirus-related slump in economic activity and fuel demand has forced […]
Oil falls more than $US1 as demand falls
Oil prices lost more than $US1 a barrel overnight as restrictions on travel worldwide slashed fuel demand. US crude futures plunged more than six per cent after the United States scrapped plans to buy domestic oil for its emergency reserve. The head of the International Energy Agency said global oil […]