Oil is under pressure this morning, after slumping by over 7% last night to two-week lows.
Brent crude has dropped by another 1.5% in early London trading to just $29.18 per barrel, and US crude is heading back towards $20 per barrel. That means they’ve lost more than half their value this year.
Daniel Hynes, an analyst at Australia & New Zealand Banking Group, explained, “This is a demand driven market at the moment and clearly lockdown measures across most of the world are keeping that under pressure.
“We expect to see prices remain relatively volatile.”