{"id":344164,"date":"2020-03-30T10:28:26","date_gmt":"2020-03-30T04:58:26","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=344164"},"modified":"2020-03-30T10:41:15","modified_gmt":"2020-03-30T05:11:15","slug":"crude-oil-futures-slide-as-coronavirus-pandemic-darkens-demand-outlook","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/crude-oil-futures-slide-as-coronavirus-pandemic-darkens-demand-outlook\/","title":{"rendered":"Crude oil futures slide as coronavirus pandemic darkens demand outlook"},"content":{"rendered":"<p>Crude oil benchmarks dropped on Monday, extending last week\u2019s losses as the global coronavirus pandemic worsened and the Saudi Arabia-Russia price war showed no signs of abating.<\/p>\n<p>US West Texas Intermediate (WTI) crude futures hit a low of $19.92 in early trading and last traded down 5.2 per cent, or $1.12, at $20.39 a barrel as of 2332 GMT, while Brent futures fell 5.6 per cent, or $1.40, to $23.53 a barrel.<\/p>\n<p>The oil markets are enduring a twin shock of demand destruction caused by the coronavirus pandemic and the Saudi-Russia price war that is flooding markets with extra supply.<\/p>\n<p>With the demand now forecast to plunge 15 million or 20 million barrels per day, a 20 per cent drop from last year, analysts say massive production cuts will be needed beyond just the Organization of the Petroleum Exporting Countries (OPEC).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crude oil benchmarks dropped on Monday, extending last week\u2019s losses as the global coronavirus pandemic worsened and the Saudi Arabia-Russia price war showed no signs of abating. US West Texas Intermediate (WTI) crude futures hit a low of $19.92 in early trading and last traded down 5.2 per cent, or $1.12, at $20.39 a barrel as of 2332 GMT, while Brent futures fell 5.6 per cent, or $1.40, to $23.53 a barrel. The oil markets are enduring a twin shock of demand destruction caused by the coronavirus pandemic and the Saudi-Russia price war that is flooding markets with extra supply. [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130],"tags":[],"class_list":["post-344164","post","type-post","status-publish","format-standard","hentry","category-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/344164","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=344164"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/344164\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=344164"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=344164"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=344164"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}