UK: Oil falls 4% towards $28 on oversupply concerns
LONDON (Reuters) - Oil fell 4% towards $28 a barrel on Wednesday, pressured by reports of persistent oversupply and collapsing demand due to global coronavirus-related lockdowns and a lack of coordinated oil purchases for strategic storage.
The International Energy Agency (IEA) on Wednesday forecast a 29 million barrel per day (bpd) dive in April oil demand to levels not seen in 25 years and said that no output cut could fully offset the near-term falls facing the market.
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