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Crude oil futures drop at open of Asian trading

Published 19/04/2020, 23:11
© Reuters.

April 19 (Reuters) - Crude oil futures fell on Sunday
evening in CME Group trading, continuing last week's weakness on
the back of sliding demand due to the COVID-19 disease that has
killed more than 159,000 worldwide.
The oil market has been under pressure due to a spate of
reports on weak fuel consumption and grim forecasts from the
Organization of the Petroleum Exporting Countries and the
International Energy Agency. OPEC, in conjunction with allies,
agreed to cut production by 9.7 million bpd beginning in May to
stem a growing supply glut as stay-at-home orders and business
furloughs sap fuel demand.
The front-month May futures contract was down 4%, or 76
cents, to $17.50 a barrel as of 6:03 p.m. ET (2203 GMT). That
contract is expiring on Tuesday, and the June contract, which is
becoming more actively traded, was down 36 cents, or 1.45, to
$24.71 a barrel. Brent was also weaker, falling 15 cents, or
0.5%, to $27.93 a barrel.

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