The IEA forecasts a 9.3 million bpd drop in demand for 2020. REUTERSOil fell below US$20 a barrel after the International Energy Agency yesterday forecast a 29 million barrel per day dive in April oil demand to levels not seen in 25 years and warned no output cut by producers could fully offset the near-term falls facing the market. Benchmark Brent crude futures fell following the IEA's monthly report, trading down more than 4 percent or US$1.30 (HK$10.14) to US$28.30 per barrel by yesterday evening. In the previous session, it jumped as much as 1.9 percent to its highest level since November 2012 at US$1,746.50. Elsewhere, Australia sold a record A$13 billion (HK$63.4 billion) of sovereign bonds as the government boosted its spending to shield the economy from a deep coronavirus-driven recession.

Source: The Standard April 15, 2020 19:07 UTC