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Demand collapse pins oil below US$30 amid deepening global rout

Bloomberg3/17/2020 9:26 AM GMT+08  • 3 min read
Demand collapse pins oil below US$30 amid deepening global rout
With airlines cutting the number of flights daily and a growing number of European countries in lock-down, oil markets are heading for an unprecedented glut.
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(Mar 17): Oil futures traded near a four-year low below US$30 ($42.57) a barrel as the shut down of swathes of the world’s economy triggers a meltdown in global fuel demand.

New York crude futures edged marginally higher in early Asian trade on Tuesday but gains were eclipsed by the previous day’s 9.6% collapse that took them to the lowest since February 2016. Fuel consumption is getting hammered, with U.S. gasoline prices plunging 23%, as governments restrict the movement of people by closing their borders and banning travel.

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