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Brent crude oil prices fell below USD30/bbl as the economic impact of COVID-19 intensified, economists at ANZ Research brief. Brent oil is currently trading at $29.574.

Key quotes

“The lockdown of cities around the world is pushing gasoline prices lower. Futures in New York fell 23% to their lowest level since 2005.” 

“Congestion levels in some major cities around the world is down sharply suggesting car use is falling sharply.”

“The selloff extended into the jet fuel and diesel markets, with the prices also down sharply.” 

“Sentiment wasn’t helped by reports that Saudi Arabia plans to boost output even quicker. The Kingdom’s Energy industry said that it is tapping a new oil field to boost exports in April to more than 10mb/d. It has also told refiners that it plans to produce 12.3mb/d in the same month.”