{"id":350170,"date":"2020-05-07T10:59:36","date_gmt":"2020-05-07T05:29:36","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=350170"},"modified":"2020-05-07T11:50:41","modified_gmt":"2020-05-07T06:20:41","slug":"oil-drops-4-to-below-30-a-barrel-as-glut-grows-output-cuts-eyed","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/oil-drops-4-to-below-30-a-barrel-as-glut-grows-output-cuts-eyed\/","title":{"rendered":"Oil drops 4% to below $30 a barrel as glut grows, output cuts eyed"},"content":{"rendered":"<p>Oil dropped 4 per cent to below $30 a barrel on Wednesday as US crude stockpiles ticked up and diesel inventories swelled, offsetting OPEC-led cuts in production and hopes for a recovery in demand as some countries ease coronavirus lockdowns. <\/p>\n<p>Brent settled down $1.25, or 4 per cent, at $29.72 a barrel, the first loss after six consecutive sessions of gains. West Texas Intermediate (WTI) crude fell 57 cents a barrel to $23.99. <\/p>\n<p>Brent crude has almost doubled since hitting a 21-year low on April 22. But the market was cautiously eyeing a deal led by the Organization of the Petroleum Exporting Countries to cut output by a record 9.7 million barrels per day from May 1, equivalent to about 10 per cent of world demand before the coronavirus crisis led to a slide in consumption and prices.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil dropped 4 per cent to below $30 a barrel on Wednesday as US crude stockpiles ticked up and diesel inventories swelled, offsetting OPEC-led cuts in production and hopes for a recovery in demand as some countries ease coronavirus lockdowns. Brent settled down $1.25, or 4 per cent, at $29.72 a barrel, the first loss after six consecutive sessions of gains. West Texas Intermediate (WTI) crude fell 57 cents a barrel to $23.99. Brent crude has almost doubled since hitting a 21-year low on April 22. But the market was cautiously eyeing a deal led by the Organization of the [&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":[135,130,169],"tags":[],"class_list":["post-350170","post","type-post","status-publish","format-standard","hentry","category-business-standard-newspapers","category-newspapers","category-oil-gas-business-standard-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/350170","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=350170"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/350170\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=350170"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=350170"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=350170"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}