{"id":347035,"date":"2020-04-16T11:40:44","date_gmt":"2020-04-16T06:10:44","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=347035"},"modified":"2020-04-16T12:31:43","modified_gmt":"2020-04-16T07:01:43","slug":"oil-price-strikes-2002-low-as-demand-set-to-crash","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/oil-price-strikes-2002-low-as-demand-set-to-crash\/","title":{"rendered":"Oil price strikes 2002 low, as demand set to crash"},"content":{"rendered":"<p>Oil prices extended their slump Wednesday, with WTI hitting the lowest level since 2002 as planned output cuts were deemed insufficient to offset a coronavirus-fuelled slump in demand. <\/p>\n<p>The benchmark WTI contract tumbled to $19.20 per barrel, the lowest level in 18 years. <\/p>\n<p>Shortly after, around 0920 GMT, WTI was down 2.3 percent at $19.66 per barrel and Brent showed a 3.6-percent loss at $28.54. <\/p>\n<p>&#8220;Crude oil has been hit hard&#8230; as a massive drop in demand highlights the shortcomings of the OPEC+ production cut,&#8221; noted Joshua Mahony, senior market analyst at IG trading group. <\/p>\n<p>&#8220;Whether today&#8217;s slump in oil prices serves to rally OPEC+ into another cut remains to be seen.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices extended their slump Wednesday, with WTI hitting the lowest level since 2002 as planned output cuts were deemed insufficient to offset a coronavirus-fuelled slump in demand. The benchmark WTI contract tumbled to $19.20 per barrel, the lowest level in 18 years. Shortly after, around 0920 GMT, WTI was down 2.3 percent at $19.66 per barrel and Brent showed a 3.6-percent loss at $28.54. &#8220;Crude oil has been hit hard&#8230; as a massive drop in demand highlights the shortcomings of the OPEC+ production cut,&#8221; noted Joshua Mahony, senior market analyst at IG trading group. &#8220;Whether today&#8217;s slump in oil [&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":[146,130,177],"tags":[],"class_list":["post-347035","post","type-post","status-publish","format-standard","hentry","category-deccan-herald-newspapers","category-newspapers","category-oil-gas-deccan-herald-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/347035","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=347035"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/347035\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=347035"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=347035"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=347035"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}