Oil Falls 21% to Reach Lowest Price Since 2002
The world is awash in oil, and global giants are moving ahead with plans to flood oil markets further. Major oil benchmarks are down sharply on March 18, following the weekly U.S. Energy Information Administration (EIA) petroleum report.
In the report, the EIA said crude oil inventories increased by 2 million barrels from last week to 453.7 million barrels. And while that's 3% below the five-year average for this time of the year, global oil products consumption is expected to fall sharply as the coronavirus pandemic sends travel and industrial activity to a grinding halt all around the world.
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Source Fool.com