The demand destruction from the coronavirus know as COVID-19 comes as the oil market contends with the unexpected price war that erupted between producers Russian Federation and Saudi Arabia, effectively ending an OPEC+ alliance and flooding the market with barrels. Negative drivers on the supply side come from the ongoing Russia-Saudi Arabia price war, which it does not seem to subside any time soon.
Oil has clawed back some losses even as traders brace for the market rout to continue below $20 a barrel, according to a Bloomberg survey.
"That's putting real stress on our domestic industry, so we're working to get them to stop, get Saudi Arabia to stop that price war", said Sen.
"With other governments manipulating oil markets, it's fair to ask: Why shouldn't our government step in to try to reinstate a more market-based approach?"
Texas Railroad Commissioner Ryan Sitton said Friday he was invited by OPEC Secretary General Mohammad Barkindo to attend the group's summer meeting in Vienna. "It would stave off a total oil industry meltdown".
West Texas Intermediate for April delivery, which expires Friday, fell $2.79 to settle at $22.43 a barrel in NY. The more-active May contract added 8.2% to $28.03 as of 8:26 a.m.in London.
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In a release, the Ministry of Health said it was contacting 56 New Zealanders who were on board the ship. The website Vesselfinder , which tracks ships at sea, indicated that at about 7 p.m.
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During a television address to the nation, he said: "We will slow down the country's productive engine, but we will not stop it". And in neighbouring New York, Governor Andrew Cuomo warned that the disruption is likely to last for months, not weeks .
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Mr Johnson also spoke about an anti-body test which would hopefully show who had already had coronavirus - something the prime minister said could be a "game-changer".
Brent crude futures fell US$1.84 or 6.8 per cent to US$25.14 a barrel by 10.15pm GMT.
Oil prices are not blinking on the headlines here but expect the backdrop of this to keep a lid on any gains.
Texas's main oil regulator is weighing for the first time in almost half a century whether the state should cut crude output, a move that would have an enormous business and political impact. "Unless somebody intervenes, no oil producer benefits from the current environment".
The report says that Putin will refuse to submit to what the Kremlin sees as oil blackmail from Saudi Arabia, and won't be the first party to blink to seek a truce between both sides.
-With assistance from Dan Murtaugh.