The Limited Times

Now you can see non-English news...

Oil prices continue to plummet

2020-03-27T18:36:47.220Z

Storage capacities will soon reach saturation, which should amplify the fall in crude oil prices.



The price of crude further amplified its fall on Friday. A barrel of brent crude fell to almost 24 dollars, its level of April 2003. The announcement of massive American support of 2.2 trillion dollars against the economic impact of the coronavirus had once raised black gold. But the explosion in unemployment in the United States, with the announcement Thursday of 3 million new job seekers, pulls it down.

Read also: Frightened by coronavirus, markets and oil collapse

The problem comes from a surplus of supply. Even before the spread of the epidemic and the price war unleashed by Saudi Arabia and Russia in early March, there was already a gap between supply and demand. The drastic drop in needs brought about by the paralysis of the world economy and, against the tide, the will displayed by Riyadh and the United Arab Emirates to export more, do nothing to help. The decline in demand will be even stronger in the second quarter, warns the International Energy Agency.

As a result, oil stocks are piling up. " The reserves

This article is for subscribers only. You still have 68% to discover.

Subscribe: € 1 for 2 months

cancellable at any time

Enter your email

Already subscribed? Log in

Source: lefigaro

You may like

Business 2020-06-11T23:15:23.191Z
Business 2020-06-30T08:40:55.103Z
Business 2020-05-12T18:15:11.781Z
Life/Entertain 2020-06-12T10:07:43.384Z
Life/Entertain 2020-05-21T06:20:00.298Z
Business 2020-06-12T12:25:33.783Z

Trends 24h

Business 2020-08-09T19:46:21.917Z
Business 2020-08-10T00:28:21.914Z

Latest

business 2020/08/09    

© Communities 2019 - Privacy