(Bloomberg) — Oil clawed back some lost ground in Asia, holding above the $20 a barrel level, after more gloomy forecasts on the demand destruction wrought by Covid-19 saw prices tumble on Tuesday.Futures in New York rallied as much as 3.7%, after diving more than 10% on Tuesday as plunging demand and a massive supply glut overshadowed the deal struck between the world’s largest producers to curb output. The International Monetary Fund estimated that global gross domestic product will shrink 3% this year, a signal that energy demand may remain weak longer than anticipated, especially if the coronavirus lingers or …read more
Source:: Yahoo Finance
