Benchmark U.S. crude slipped but still was near this week’s all-time low. Brent crude, the international standard, retreated further. The fall has rattled investors because it adds to evidence of the depth of a global economic downturn with factories idled and consumers ordered to stay home.The plunge in oil prices “has stirred wider concerns of a sharp economic slowdown,” Hayaki Narita of Mizuho Bank said in a report.
The Kospi in Seoul tumbled 1 per cent to 1,861.04 and Sydney’s S&P-ASX 200 lost 0.7 per cent to 5,185.10.The price of a barrel of the benchmark grade of U.S. oil to be delivered in June lost 23 cents to $12.34 in electronic trading on the New York Mercantile Exchange. It plunged 43 per cent the previous session to $11.57.
“Global markets are struggling mightily with a temporary but overwhelming demand drop,” said Stephen Innes of AxiCorp in a report. He said the June contract also could “fall prey to storage infrastructure saturation.”Some 94 per cent of stocks in the index declined. That included winners in the new stuck-at-home economy. Netflix slipped 0.8 per cent before it announced its quarterly results that included a 23 per cent rise in global memberships.
As expected.
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