No Result
View All Result
Wednesday, July 16, 2025
MM News
اردو
  • Home
  • Latest News
  • National
  • Dramas
  • Showbiz
    File photo

    Sidharth Malhotra, Kiara Advani welcome baby girl

    (Image: Instagram/Aliza Sultan)

    Once bitten, twice shy: Aliza Sultan says to think for 100 years before marriage

    Ishtiyak Khan

    What made Salman Khan and Ranbir Kapoor’s co-star run an omelette stall?

    Dua-e-Khadija during Miss Global Pakistan 2025 (Image: Instagram/misspakistanglobal)

    Dua-e-Khadija from Peshawar wins Miss Global Pakistan 2025 crown

    Mohan Raj

    Video: Stunt artist Mohan Raj dies during car stunt for film

    Kahiin to hoga

    Why did Rajeev Khandelwal quit Kahiin To Hoga at the peak of his fame?

  • Thought Box
  • Business
  • Opinions
  • Technology
  • The Other Side
MM News
  • Home
  • Latest News
  • National
  • Dramas
  • Showbiz
    File photo

    Sidharth Malhotra, Kiara Advani welcome baby girl

    (Image: Instagram/Aliza Sultan)

    Once bitten, twice shy: Aliza Sultan says to think for 100 years before marriage

    Ishtiyak Khan

    What made Salman Khan and Ranbir Kapoor’s co-star run an omelette stall?

    Dua-e-Khadija during Miss Global Pakistan 2025 (Image: Instagram/misspakistanglobal)

    Dua-e-Khadija from Peshawar wins Miss Global Pakistan 2025 crown

    Mohan Raj

    Video: Stunt artist Mohan Raj dies during car stunt for film

    Kahiin to hoga

    Why did Rajeev Khandelwal quit Kahiin To Hoga at the peak of his fame?

  • Thought Box
  • Business
  • Opinions
  • Technology
  • The Other Side
No Result
View All Result
No Result
View All Result
MM News
اردو
  • Latest
  • Showbiz
  • Thought Box
  • Business & Stock
  • Opinions
  • Technology
  • The Other Side-Pakistan
Home Business & Stock

US oil prices drop to 21-year low over declining demand

MM News Staff by MM News Staff
April 20, 2020
oil
NEW YORK: The price of oil collapsed to more than two-decade low on Monday, falling to a level not seen since 1999, as demand dries up and storage runs out.
The price of a barrel of West Texas Intermediate (WTI), the benchmark for US oil, dropped 14 percent to $15.65 in Asia trading on Monday. The oil market has come under intense pressure during the coronavirus pandemic with a huge slump in demand.
US storage facilities are now struggling to cope with the glut of oil, weakening prices further. The oil industry has been struggling with both tumbling demand and in-fighting among producers about reducing output.
US crude benchmark West Texas Intermediate briefly plunged almost 20 percent to below $15 as stockpiles continue to build owing to a crash in demand caused by the COVID-19 pandemic. Brent oil, the benchmark used by Europe and the rest of the world, was slightly weaker, down 0.8 percent to $27.87 a barrel.
Earlier this month, OPEC members and allies finally agreed to a record deal to slash global output by about 10 million barrels. The deal was the largest cut in oil production ever to have been agreed upon.
Analysts said this month’s agreement was having little impact on the oil crisis because of lockdowns and travel restrictions that are keeping billions of people at home. WTI was hit particularly hard as its main US storage facilities in Cushing, Oklahoma, were filling up.
Financial group ANZ Bank said crude oil prices remained under pressure, as projections of weaker demand weigh on sentiment. “Despite the OPEC+ alliance agreeing to an unprecedented cut in output, the physical market is awash with oil,” it said, referring to the Organization of the Petroleum Exporting Countries and non-OPEC partners.
AxiCorp Chief global market strategist Stephen Innes added: “It hasn’t taken long for the market to recognise that the OPEC+ deal will not, in its present form, be enough to balance oil markets.”
The drop was also driven by a technicality of the global oil market. Oil is traded on its future price and May futures contracts are due to expire tomorrow and traders will be keen to offload holdings to avoid incurring delivery and storage costs.
Investors are keeping an eye towards a $450 billion economic relief plan to be announced by US Congress for small businesses to add to the trillions already pledged to support the economy.
Tags: barrelOilprice
ShareTweetSendShare
Previous Post

Disney to stop paying 100,000 workers amid COVID-19 pandemic

Next Post

Traders give 3-day deadline to govt over reopening businesses

Related Stories

File photo
Business & Stock

ADB urges Pakistan to introduce uniform 5% GST on digital transactions

July 15, 2025
The sugar price rise is reported by PBS: File photo
Business & Stock

Pakistan drops sugar import target to 50,000 tons amid IMF subsidy concerns

July 15, 2025
File photo
Business & Stock

Banks see strong deposit inflows: SBP

July 15, 2025
PSX
Business & Stock

PSX drops 562 points in volatile session

July 15, 2025
gold image
Business & Stock

Gold price drops in Pakistan

July 15, 2025
Rs750 Prize Bond
Business & Stock

July 2025 Rs750 prize bond results revealed: Check winning numbers

July 15, 2025
PIA
Business & Stock

Govt sets 3-month deadline for PIA privatization amid growing interest

July 15, 2025
Petroleum Price in Pakistan
Business & Stock

How much will petrol and diesel prices increase starting today?

July 15, 2025
Foreign Currency
Business & Stock

Foreign currency exchange rates in Pakistan, 15 July 2025

July 15, 2025
gold image
Business & Stock

Gold price gains Rs1,600 per tola

July 14, 2025
Next Post

Traders give 3-day deadline to govt over reopening businesses

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Trending Stories

File photo
Trending

Sidharth Malhotra, Kiara Advani yet to announce name of their baby girl

by MM News Staff
July 16, 2025
File photo
Film & TV

Sidharth Malhotra, Kiara Advani welcome baby girl

by MM News Staff
July 15, 2025
Film & TV

How to watch the new Harry Potter series online?

by MM News Staff
July 15, 2025
Oliver Haarmann and Reese Witherspoon in New York City on Sept. 4, 2024.
Credit : TheImageDirect.com
Trending

Who is Reese Witherspoon’s love Oliver Haarmann?

by MM News Staff
July 15, 2025
File photo
Thought Box

Who was Fauja Singh?

by MM News Staff
July 15, 2025

Opinion

nadeem moulvi
From Sects to Sunnah
July 15, 2025
- Nadeem Moulvi
Munir-Ahmed
Portugal and Pakistan: Building a Bilateral Bridge in a Fractured World
June 29, 2025
- Munir Ahmed
munir ahmed oped
A Peace Prize for Betrayals: Rethinking Pakistan’s Strategic Alliances
June 28, 2025
- Munir Ahmed
No posts found
See all

Weather Updates

Rain
Top News

Early morning rain brings pleasant weather to Lahore

by MM News Staff
July 15, 2025

Early morning heavy rainfall in various areas of Lahore made the weather pleasant, but...

Image: Online

Parts of Punjab including Lahore receive heavy monsoon rains

July 14, 2025
File photo

PMD forecasts date for next monsoon spell in Karachi

July 12, 2025
file photo

Flood warning issued as heavy rain expected in parts of Pakistan from July 13-17

July 11, 2025
See all

Prices

Petroleum Price in Pakistan
Business & Stock

How much will petrol and diesel prices increase starting today?

by MM News Staff
July 15, 2025

There is a possibility of an increase in petroleum product prices for the next...

Foreign Currency

Foreign currency exchange rates in Pakistan, 15 July 2025

July 15, 2025
(Representational Image)

Govt to replace net metering with gross metering, slash buyback rate

July 14, 2025
representative image

Latest gold prices in Pakistan today- 14 July 2025

July 14, 2025
See all

Transport News

Korangi Causeway Road (File Photo)
Top News

Korangi Causeway road will be closed upon completion of Malir Expressway: CM Sindh

by MM News Staff
July 14, 2025

Sindh Chief Minister Syed Murad Ali Shah has announced that Korangi Causeway Road will...

Goods transporters join traders, announce nationwide wheel-jam strike on July 19

July 14, 2025
File photo

Pakistan Railways to launch business train between Karachi and Lahore

July 14, 2025
representative image

How to buy a motorcycle under Punjab’s interest-free installment scheme

July 14, 2025
See all

MM Digital (Pvt.) Ltd.

MM News is a subsidiary of the MM Group of Companies. It was established in 2019 with the aim of providing people of Pakistan access to unbiased information. Contact Details: 03200201537

Quick Links

  • Home
  • Advertise
  • MM News Urdu
  • The Other Side-Pakistan
  • Contact Us
  • Privacy Policy

Top Pages

  • Latest News
  • Showbiz
  • OP-ED
  • Technology
No Result
View All Result
  • Latest News
  • Showbiz
  • Thought Box
  • Business
  • Opinions
  • Technology

© Copyright 2024 MMNews - All Rights Reserved.