About: http://data.cimple.eu/news-article/284f6e444a15ee7d87558477380018a4142450f16c65232a67fd8b9f

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rdf:type	schema:NewsArticle
schema:articleBody	US crude on Monday fell more than eight percent to below $17 a barrel, hitting fresh multi-year lows despite a major deal to cut output as the coronavirus pandemic throttles demand. West Texas Intermediate, the US benchmark, was down 8.16 percent to $16.78 a barrel in early Asian trade. International benchmark Brent was 0.14 percent lower at $28.04 a barrel. Oil markets have plunged to near two-decade lows in recent weeks as lockdowns and travel restrictions around the globe batter demand for the commodity. The crisis was compounded after Saudi Arabia, kingpin of exporting group OPEC, launched a price war with non-OPEC member Russia. They drew a line under their dispute earlier this month when they and other countries agreed to cut output by almost 10 million barrels a day to boost virus-hit markets. But prices have continued to fall heavily, with analysts saying the cuts will not be enough to make up for massive falls in demand caused by the pandemic. "Crude oil prices remained under pressure, as projections of weaker demand weigh on sentiment," ANZ Bank said in a note. "Despite the OPEC+ alliance agreeing to an unprecedented cut in output, the physical market is awash with oil," it said referring to the Organization of the Petroleum Exporting Countries and non-OPEC partners. "Concern continues to mount that storage facilities in the US will run out of capacity," the bank added. The US Energy Information Administration said crude inventories in the world's biggest economy rose by 19.25 million barrels last week, adding to the woes of the oversupplied world market, where demand has been hammered by the coronavirus pandemic. mba/sr/je
schema:headline	US crude falls below $17 a barrel
schema:mentions	Master of Business Administration Awash River OPEC Barrel Asia Saudi Arabia Russia Pandemic Coronavirus Baseball Energy Information Administration Australia and New Zealand Banking Group Commodity market Working animal Price war West Texas Intermediate
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-04-20 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	positive sentiment
http://data.cimple...readability_score	64 (xsd:integer)
http://data.cimple...tology#hasEmotion	fear

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