We value your privacy

We use cookies to enhance your browsing experience, serve personalized ads or content, and analyze our traffic. By clicking "Accept All", you consent to our use of cookies. Cookie Policy

Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

ADVERTISEMENT
Africanian
  • News
  • News 24/7
  • Politics
  • Business
  • Health
  • Sports
  • Travel
  • World
    • US
    • Russia
    • Europe
    • Asia
    • America
  • Events
No Result
View All Result
Africanian
No Result
View All Result
Home Business

Business: Oil price slide continues

Oil prices slumped on Tuesday, extending the previous session’s slide, on worries about limited capacity to store crude worldwide

in Business
Reading Time: 2 mins read
1 0
0
Business: Oil price slide continues
1
SHARES
Share on FacebookShare on TwitterShare via Whatsapp

Melbourne — Oil prices slumped on Tuesday, extending the previous session’s slide, on worries about limited capacity to store crude worldwide and expectations that fuel demand may only recover slowly as coronavirus pandemic restrictions are gradually eased.

US West Texas Intermediate (WTI) crude futures skidded by as much as 16% and were off 14.7%, or $1.88c, at $10.90 a barrel up to 1.58am GMT. WTI plunged 25% on Monday.

Brent crude futures fell to a low of $18.97 and were last down 4.1%, or 82c, at $19.17 a barrel. The benchmark slid 6.8% on Monday, and the contract for June delivery expires on April 30.

Strategists said part of the WTI decline is due to retail investment vehicles such as exchange traded funds selling out of the front-month June contract and buying into months later in the year to avert huge losses like last week, when WTI plummeted below zero.

“Everything’s getting dragged down by the machinations in the WTI futures market,” said Daniel Hynes, senior commodity strategist at Australia and New Zealand Banking Group (ANZ) in Sydney.

More

Beijing to Host 3rd China International Supply Chain Expo in July 2025

AfriLabs and ATU Sign Landmark Deal to Accelerate Digital Innovation Across Africa

Kenya turns resources into results: the economy grows and strengthens

The main concern is that there is nowhere to store all the oil that is not being consumed due to the drop in global economic activity amid restrictions imposed around the world to curb the spread of the new coronavirus.

Even with the Organisation of the Petroleum Exporting Countries (Opec) and allies led by Russia having agreed record output cuts of nearly 10-million barrels a day from May 1, that volume is not nearly enough to offset a drop in demand of around 30-million barrels a day due to Covid-19 restrictions.

“While we’re starting to see Covid-19 cases ease and some countries ease restrictions, those initial moves look fairly tentative. The market’s coming round to the view there’s going to be no quick recovery in demand,” Hynes said.

As a result of the collapse in demand, global storage onshore is estimated to be about 85% full last week, according to data from consultancy Kepler.

In a sign of the energy industry’s desperation for places to store petroleum, oil traders are resorting to hiring expensive US vessels to store or ship fuel overseas, shipping sources said.

“It is hard to see sentiment turning convincingly positive for oil until there’s evidence of Opec cuts and demand improvement slowing or reversing the global inventory build,” said AxiCorp’s chief global market strategist, Stephen Innes.

Source: businesslive.co.za
africanian

africanian

  • Trending
  • Comments
  • Latest
Jump Shot: The NBPA x UM6P Innovation Challenge – A Game-Changer for African Entrepreneurs

Jump Shot: The NBPA x UM6P Innovation Challenge – A Game-Changer for African Entrepreneurs

March 24, 2025
From AI and climate tech to gender inclusion and digital skills, AfriLabs’ initiatives directly reached over 280,000 startups, entrepreneurs, and youth,

AfriLabs Expands to 514 Innovation Hubs Across Africa, Impacting Over 280,000 Entrepreneurs in 2024

July 19, 2025
AfriLabs and ATU Sign Landmark Deal to Accelerate Digital Innovation Across Africa

AfriLabs and ATU Sign Landmark Deal to Accelerate Digital Innovation Across Africa

July 19, 2025
Beijing to Host 3rd China International Supply Chain Expo in July 2025

Beijing to Host 3rd China International Supply Chain Expo in July 2025

July 19, 2025
AfriLabs and ATU Sign Landmark Deal to Accelerate Digital Innovation Across Africa

AfriLabs and ATU Sign Landmark Deal to Accelerate Digital Innovation Across Africa

July 19, 2025
From AI and climate tech to gender inclusion and digital skills, AfriLabs’ initiatives directly reached over 280,000 startups, entrepreneurs, and youth,

AfriLabs Expands to 514 Innovation Hubs Across Africa, Impacting Over 280,000 Entrepreneurs in 2024

July 19, 2025
Twitter Instagram Youtube Facebook
No Result
View All Result

Africanian News

Is a dedicated project aimed at amplifying the voices of the African Ecosystem and Diaspora. We actively collaborate with initiatives to improve access to education and digital inclusion, both in traditional schools and through digital platforms, for African children.

It’s crucial to emphasize that none of the articles or images featured on our platform are intended for copyright infringement, neither now nor in the future. If you believe that any information, text, image, etc., may be subject to copyright and should be removed, please notify us by sending an email to info@africanian.com

Your dreams matter; your stories matter.

Feel free to explore collaboration opportunities with us. Share your articles, thoughts, interviews, experiments, or no-comment videos by reaching out to info@africanian.com. You can also subscribe to our mailing list to receive the latest updates from Africanian News.

© 2024 Africanian News: From Africa, by Africans, for Africa, and friends of Africa.

No Result
View All Result
  • News
  • Politics
  • Business
  • Health
  • Sports
  • Entertainment
  • Tech
  • Travel
  • World

© 2024 Africanian News: From Africa, by Africans, for Africa, and friends of Africa.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Log In

Sign In

Forgot password?

Don't have an account? Register

Forgot password?

Enter your account data and we will send you a link to reset your password.

Back to Login

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Accept

Add to Collection

  • Public collection title

  • Private collection title

No Collections

Here you'll find all collections you've created before.