Oil Declines as Concern of Steep Recession Counters OPEC+ Cut
- Key timespread on U.S. benchmark is at its weakest since 2009
- WTI crude futures slump 5.7%, a third consecutive daily drop
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Oil declined as projections for the steepest recession in almost a century outweighed planned output cuts from the world’s biggest producers.
Futures in New York fell as much as 5.7% amid persistent concerns of a massive supply glut. The International Monetary Fund estimated on Tuesday that global gross domestic product will shrink 3% this year, signaling that energy demand will plunge, and could be worse than anticipated if the coronavirus lingers or returns.