With the world experiencing the biggest supply and demand disparity in history, benchmark Brent futures fall to their lowest level since November 2001.
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But with economies virtually at a standstill due to coronavirus lockdowns, demand has dropped as much as 30 per cent. "With no more generous production cuts announced and as the last remaining storage facilities get filled to the top with oil, we can expect to see such huge swings in oil prices from now on," Louise Dickson of consultancy Rystad Energy, said.
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