Oil sheds more than US$1 as weakening demand outweighs stimulus hopes

The Business Times | Mar 27, 2020 at 12:00 AM
  • Oil prices dropped more than US$1 a barrel on Thursday as a growing number of virus-related restrictions on travel slashed global fuel demand, overshadowing expectations that a US$2 trillion US stimulus package will bolster economic activity.
  • The twin shocks of the coronavirus pandemic and the supply surge from Saudi Arabia and Russia after the two nations failed to come to an agreement to limit supply has roiled crude markets.
  • US futures were notably weaker than international benchmark Brent crude.