(Bloomberg) — Oil was anchored near $20 a barrel after closing at an 18-year low as concerns over virus-led demand destruction outweigh an agreement by the world’s biggest producers to curb supply.U.S. crude stockpiles ballooned by a record 19.2 million barrels and gasoline consumption held near the lowest level in three decades last week as efforts to stem the spreading coronavirus curb travel and keep people in their homes. The International Energy Agency said Wednesday that even output cuts by OPEC+ couldn’t counter the demand collapse caused by the pandemic.Oil has erased around two-thirds of its value this year as …read more
Source:: Yahoo Finance
