(Mar 17): Oil futures traded near a four-year low below US$30 ($42.57) a barrel as the shut down of swathes of the world’s economy triggers a meltdown in global fuel demand.
New York crude futures edged marginally higher in early Asian trade on Tuesday but gains were eclipsed by the previous day’s 9.6% collapse that took them to the lowest since February 2016. Fuel consumption is getting hammered, with U.S. gasoline prices plunging 23%, as governments restrict the movement of people by closing their borders and banning travel.
