The close: Global stocks, crude plunge on economic data, oil oversupply [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
The close: Global stocks, crude plunge on economic data, oil oversupply A double whammy of economic data showing the U.S. economy in a deep downturn and reports of persistent crude oil oversupply and collapsing demand slammed global markets on Wednesday as vivid reminders of the damage from coronavirus-related lockdowns. Oil prices sank after the International Energy Agency (IEA) forecast a 29-million-barrel per day dive in April crude demand to levels not seen in 25 years and said no output cut could fully offset the near-term decline facing the market. Washington could slap tariffs on U.S. oil imports if global crude producers fail to keep pledges made over the weekend to reduce output, the top U.S. energy diplomat said. The Toronto St
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