The threat to upend a 75-year strategic alliance, which has not been previously reported, was central to the U.S. pressure campaign that led to a landmark global deal to slash oil supply as demand collapsed in the coronavirus pandemic - scoring a diplomatic victory for the White House. WTI Crude is $17.48; Brent is $25.32.
Oil prices gained some ground as U.S. stockpiles rose less than expected, and gasoline stockpiles fell, buoyed by hopes demand will improve as some European countries and U.S. cities moved to ease coronavirus lockdown. WTI Crude is $14.42; Brent is $21.49.
Oil’s 85% plunge has come as the coronavirus outbreak destroys demand for fuels globally. Oil prices plunged to near $10 a barrel after a major index tracked by billions of dollars in funds bailed out of near-term contracts for fear prices may turn negative again. WTI Crude is $11.81; Brent is $20.21.
Globally, surplus oil is set to test storage capacity limits in as little as three weeks, with traders, refiners, and infrastructure providers seeking novel ways to hoard crude. WTI Crude is $13.79; Brent is $20.34.
We face a real danger of seeing hundreds -- if not thousands -- of oil producers shuttering. Assisting these companies could be the difference between maintaining our domestic energy production and workforce, or shedding more U.S. jobs and returning to dependence on foreign sources of oil. WTI Crude is $16.90; Brent is $21.90.
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