The Energy Bulletin Weekly – 30 March 2020
The global economy and the oil industry continue to be dominated by the coronavirus pandemic. With more countries, especially the economically advanced oil-consuming ones, going into some form of lockdown every day, the world’s oil consumption is now believed to be down by nearly 25 percent. Oil prices declined for a fifth straight week from collapsing demand due to the virus and increasing supply from producers vying for market share. Brent crude settled down 8 percent for the week at $24.93 a barrel, and US crude settled down more than 3 percent during the week at $21.51 a barrel. US oil futures now have fallen 65 percent this year and are on pace for the most painful quarter since at least 1990.