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Showing posts with the label Oil Prices

Oil Pices: Oil prices are on track for their worst ever quarter as coronavirus slashes demand

Sam Meredith 4minutes - Source: CNBC A pumpjack near the Yamashinskoye rural settlement in the Almetyevsk District. Yegor Aleyev | TASS via Getty Images Oil prices are on pace to register their worst quarterly performance on record, as the coronavirus pandemic continues to crush global demand for crude. A public health crisis has meant countries around the world have effectively had to shut down, with many governments imposing draconian measures on the daily lives of hundreds of millions of people. The restrictions have created an unprecedented demand shock in energy markets, ramping up the pressure on companies and governments reliant on crude sales. To date, more than 787,000 people have contracted COVID-19 worldwide, with 37,829 deaths, according to data compiled by Johns Hopkins University. International benchmark  Brent  crude traded at $23.36 a barrel Tuesday morning, up more than 2.6%, while  U.S.  West Texas Int