US oil prices crashed to a more than two-decade low as the coronavirus pandemic hits global demand for crude and raises concerns about storage facilities being overwhelmed.
In early Asian trading on Monday, West Texas Intermediate — the US oil benchmark — plunged as much as 20.8 per cent to $14.47 a barrel, marking the lowest level since 1999.
The continued fall in oil prices has come despite an Opec-backed deal to cut roughly 10 per cent of global crude supply.
The reductions are planned to run until April 2022 as part of efforts to stabilise prices pummelled by the worldwide spread of Covid-19.
Monday’s fall was partly driven by the imminent expiration of the WTI May futures contract on Tuesday. Contracts for WTI delivery in June by comparison were only down 5.2 per cent to $23.72, partially supported by an influx of retail investors in recent weeks trying to pick the bottom in oil prices.
Brent crude, the international benchmark, was down only 0.8 per cent at $27.86 a barrel.
Read more via The Financial Times
Morning Briefing
Abela Promises More Family Benefits as Labour Emphasises Stability and Long-Term Planning: Prime Minister Robert Abela has pledged additional financial support for fa...
The European Union and South American bloc Mercosur will implement on Friday a contentious free trade agreement that the EU in particular hopes will benefit exporters and calm critics, ...
Morning Briefing
Abela Promises More Family Benefits as Labour Emphasises Stability and Long-Term Planning: Prime Minister Robert Abela has pledged additional financial support for fa...
Labour pitches stability, subsidies and broad social support
Prime Minister Robert Abela used the third day of the campaign to reinforce Labour’s message of continuity, positioning th...
The European Parliament has thrown its weight behind demands for a bigger long-term EU budget, approving its position for negotiations on the bloc’s next seven-year financial framework f...
Disinformation is no longer spreading only through fringe actors or political agitators, but through a digital system that rewards outrage, sensationalism and engagement above accuracy, ...
Unilever said on Thursday it would raise prices to soften the hit from higher-than-expected costs driven by the Iran war, even as it reported first-quarter underlying sales growth ahead...
Brent oil prices rose as much as 7% on Thursday on a report the U.S. is considering potential military action against Iran to break the deadlock in negotiations to end the war, increasi...
“A company’s workplace culture praised by management, needs to be taken with caution. But when the recognition comes directly from employees, that carries greater weight,” says JONATHAN ...
EU lawmakers have approved new rules aimed at strengthening how failing banks are managed, extending protections to a wider range of institutions and depositors across the bloc.
The p...
Malta Public Transport will be operating extended late-night services on the final night of the Malta International Fireworks Festival, scheduled for Thursday 30th April, ensuring specta...
Malta Public Transport announces that it will be operating two additional evening trips between Mġarr and Nadur in Gozo on Saturday 18 April 2026 to facilitate passenger travel following...
Shipping traffic through the Strait of Hormuz remained at a virtual standstill on Monday with just three crossings in the space of 12 hours, according to shipping data.
The oil prod...
Rights groups, including Amnesty International, say Iran carries out more executions per capita than any other country, and more in total than any nation except China, where reliable fig...
Thousands of Cuban security personnel have begun leaving Caracas after nearly two decades in Venezuela, as Washington ramps up efforts to dismantle the long standing alliance between the...
María Corina Machado is a prominent figure in Venezuela’s opposition. She has reported that one of her closest associates, Juan Pablo Guanipa, was abducted. This occurred mere hours afte...
Ukraine struck Russia’s oil infrastructure in the Black Sea port city of Tuapse for the third time in a month, local authorities said Tuesday.
The city, which declared an environmenta...
Russian forces have taken 1,700 square km (656 square miles) of territory in Ukraine this year and are advancing on its so-called fortress belt in Donbas, Moscow's top general said whil...
