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 6:23 p.m. EDT (2223 GMT). …read more
Source:: Yahoo Finance
