Oil futures ended lower on Tuesday as record cases of COVID-19 in India dimmed the outlook for the nation’s economy and energy demand. Still, oil got hit with a “triple whammy of bearish news,” Phil Flynn, senior market analyst at The Price Futures Group, told MarketWatch. Tuesday marked the one-year anniversary of a negative price close for the front-month WTI crude futures contract. On April 20, 2020, the soon-to-expire May WTI crude dropped 306%, or $55.90, to settle at negative $37.63. The disruption could see the country’s output fall by 280,000 barrels a day, taking it below 1 million barrels a day for the first time since October, he said.

Source: Libya Today April 20, 2021 12:10 UTC