A key American oil benchmark, West Texas Intermediate, fell by more than 80% on Monday as global oil markets continue to grapple with a pandemic-driven collapse in demand. At the start of 2020, a barrel of WTI cost around $60. Shortly after 1:40 p.m. ET on Monday, a barrel was trading for less than $2 — the lowest price the…
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THE coronavirus pandemic has put economies in turmoil. The global economy is estimated by the International Monetary Fund (IMF) to face negative 3 per cent growth this year. No major economy worth the name may avoid a recession in 2020, other than the two powerhouses — China and India — who may remain in a marginally positive mode with less than 2pc…
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Energy demand, which was already less than installed capacities and committed imports, has further gone down, almost by an average of 50%. Many refineries are closed. There is talk of introducing force majeure on Qatar LNG and other import projects. Prices of oil, among other commodities, have gone down to $30 a barrel and even lower under the combined effect…
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