SINGAPORE, May 11 — Oil prices were down in Asian trade today after big gains last week on signs of a demand revival as some governments ease coronavirus lockdown measures. US benchmark West Texas Intermediate (WTI) was down 2.95 per cent to US$24.01 a barrel in morning trade. International...
Oil markets were battered in April as the virus strangled demand owing to business closures and travel restrictions. — Reuters pic
Both contracts were up Friday, with WTI advancing 25 per cent from the previous week following unprecedented output cuts by major crude producers and hopes of demand returning as some key economies began to ease strict measures to contain the virus.The number of active US oil rigs also continued to fall in a sign of dampened drilling activity.
Oil markets were battered in April as the virus strangled demand owing to business closures and travel restrictions, with US crude falling into negative territory for the first time.
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