London — Stormy oil markets sent Brent prices crashing to their lowest since 1999 on Wednesday, though a stabilisation of some petrocurrencies and a bounce in European stocks gave investors something buoyant to cling to.
Christopher Peel, chief investment officer of Tavistock Wealth, said eight oil supertankers are moored on the river outside his window in the Portuguese capital, Lisbon. “There is nowhere to put the oil so it shouldn’t come as any surprise to anyone that the front months [oil price contracts] are getting decimated,” he said, though he said it should be a temporary situation.
Italian shares gained 1.3% and the government’s bond yield fell after Prime Minister Giuseppe Conte said Italy, one of the countries hit hardest by the pandemic, could start pulling out of strict stay-at-home orders from May 4.
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