Oil prices fall 1% as glut weighs

Oil prices fall 1% as glut weighs
# 11 May 2020 05:00 (UTC +04:00)

Oil prices opened about 1% lower on Sunday as a persistent glut continued to weigh on prices and the coronavirus pandemic eroded global oil demand even as some governments began to ease lockdowns, APA reports quoting Reuters.

Brent crude LCOc1 was down 34 cents, or 1.1%, at $30.63 a barrel by 7:01 p.m. (2301 GMT), while U.S. oil CLc1 fell 35 cents, or 1.4%, to $24.39 a barrel.

Global oil demand has plummeted by about 30% as the coronavirus pandemic curtailed movement across the world.

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