Oil Falls After Canceled U.S. Government Buys Add to Glut Fears

(Bloomberg) — Oil deepened losses as a U.S. government plan to buy oil for its emergency reserve fell through, adding to worries over demand destruction due to the coronavirus and a looming global supply glut.Futures in New York fell as much as 5.2% after the planned U.S. purchases were rescinded amid uncertainty over funding from Congress. The reversal comes as investors grapple with weakness across physical crude markets. There’s also growing worry of crippled demand from the pandemic with Goldman Sachs Group Inc. warning consumption would decline by almost 19 million barrels a day next month.Market gauges were already signaling …read more

Source:: Yahoo Finance


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