Oil prices dropped Thursday on demand fears as more nations go into lockdown to staunch the spread of the coronavirus, while global stocks mostly rose after the prior session’s routs.
Both main oil contracts fell five percent for part of the day before clawing back some of their losses, extending this week’s meltdown to plumb four-month lows on virus-driven demand fears.
“The new lockdowns have since yesterday caused a carnage in the oil market,” said Bjornar Tonhaugen, head of oil markets at Rystad Energy. Read more…..
Chart of the Day
Paul Sankey, Sankey Research lead analyst, joins ‘Power Lunch’ to discuss the state of the oil industry and how a blue sweep could impact the industry.