Oil prices hold at 18-year low on demand concerns amid coronavirus shutdowns [MSNBC.com]
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Source: MSNBC.com
Oil prices held steady at a 18-year low on Thursday after OPEC lowered its global oil demand forecast due to the "historic shock" delivered by the coronavirus outbreak.Before the Organization of the Petroleum Exporting Countries released its latest forecast, global benchmark Brent futures were up over $1 a barrel as investors hoped record builds in U.S. inventories would prompt producers there to cut output quickly.West Texas Intermediate crudeBrent crudeOPEC said in a monthly report it now expects global demand to contract by 6.9 million barrels per day (bpd), or 6.9%, in 2020, and noted the reduction may not be the last.Last month, OPEC projected a small increase in demand of 60,000 bpd.OPEC and its allies, including Russia - a group known as OPEC+ - agreed over the weekend to reduce output by 9.7 million bpd for May and June.Russian energy firms have already significantly revised down their plans for oil exports in May following the OPEC+ deal, three company sources and two traders
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