Oil had its worst quarterly performance ever as coronavirus and a global price war weighed on the commodity. Year-to-date, US West Texas I...
shed as much as 65% in the same time period. WTI trades at roughly $20.40 per barrel, while Brent crude is about $22.71 per barrel.
As demand took a hit, the Organization of the Petroleum Exporting Countries and its allies failed to agree on production cuts past March 31. Both Saudi Arabia and Russia are preparing to significantly ramp up production starting on April 1.
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