Crude oil sinks below US$20 per barrel

Global stocks and oil prices tumbled today after the International Monetary Fund said the world's economy will suffer its worst year since the Great Depression of the 1930s due to the coronavirus pandemic.
London and Frankfurt opened down at least 1.5 percent and benchmarks in Shanghai, Tokyo, Hong Kong and Sydney also declined.
Benchmark U.S. crude lost 79 US cents to US$19.33 per barrel in electronic trading on the New York Mercantile Exchange, dipping below US$20 per barrel after an International Energy Agency report forecast that demand will drop by 9 million barrels per day in 2020, and by 29 million barrels per day in April.
The drop came despite an agreement over the weekend among OPEC and other oil producers to cut output to reflect collapsing demand.

The contract fell US$2.30, or 10.3 percent, on Tuesday to close at US$20.11.
Brent crude, the standard for international oils, declined US$1.60 to US$28.00 per barrel in London. It dropped US$2.14 the previous session to close at US$29.60 a barrel.-AP