Oil slides 5% as producer cuts fail to banish demand fears
NEW YORK: Oil prices plunged around 5% on Tuesday as investors doubted that record OPEC+ supply cuts would soon balance markets as demand plunges due to the coronavirus pandemic.
Brent crude futures fell $1.60, or 5%, to $30.14 a barrel by 11:23 a.m. EDT (1523 GMT). U.S. West Texas Intermediate (WTI) crude was down $1.25, or 5.5%, to $21.15 a barrel.
Global oil producers worldwide are expected to cut overall output by roughly 19.5 million barrels per day, or nearly 20% of world supply.
