Crude extends fall with U.S. gasoline down 20% as global shutdowns sap demand [Reuters]
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Source: Reuters
Crude extends fall with U.S. gasoline down 20% as global shutdowns sap demand NEW YORK (Reuters) - Oil prices extended their decline on Monday, with record low U.S. gasoline prices leading the energy complex lower, as the coronavirus pandemic crushes demand worldwide after travel and industrial activity contracted across the globe in a bid to stem the spread of the virus. Brent crude LCOc1 futures fell $1.31 to $25.67 a barrel, a 4.9% percent drop, by 11:35 a.m. ET (1535 GMT). West Texas Intermediate (WTI) crude CLc1 futures for May delivery fell 48 cents, or 2.1%, to $22.15 a barrel. U.S. gasoline futures RBc1 fell more than 20% to $0.4789 a gallon, the lowest on record. Both crude benchmarks have dropped for four straight weeks, with WTI last week tumbling 29%, its steepest slide since the outset of the U.S./Iraq Gulf War in 1991. The demand destruction from the coronavirus know as COVID-19 comes as the oil market contends with the unexpected price war that erupted between producers
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