Demand for oil for fuel has dropped because flights are groundedOil prices rebounded yesterday after hitting 17-year lows on Wednesday, buoyed by hopes that economic stimulus measures could help revive demand that has been wiped out by coronavirus. Brent crude, the global benchmark, had risen by 13.5 per cent to $28.24 a barrel in New York last night as markets closed, offering limited respite to the sector after a crippling sell-off. Prices have more than halved this year, leaving many oil producers slashing costs in a fight for survival. The coronavirus crisis has hit demand for oil for fuel — as flights are grounded — at the same time as Saudi Arabia has launched a price war. The kingdom has vowed to increase production to record levels from April, after failing to persuade Russia

Source: The Times March 20, 2020 00:00 UTC