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Plunge in global crude demand sends oil prices down for a 5th straight week

From marketwatch.com

Oil futures finished lower on Friday, as a huge drop in global demand as a result of the spread of the COVID-19 pandemic sent prices down for a fifth straight week in a row, even as President Donald Trump was due to sign the U.S. fiscal stimulus bill aimed at easing the economic hardship caused by the disease. For oil, “the focus continues to rest on the demand side of the market, with global demand expected to extend its record decline in the weeks ahead as a growing number of countries implement lockdown measures,” said Robbie Fraser, senior commodity analyst at Schneider Electric. “Until demand begins to recover, ... (full story)

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  • Category: Fundamental Analysis