OIL AND GAS PRICES PLUNGE BECAUSE OF DISPUTE AMONG PRODUCERS

Mar 09, 2020

By Jane Brown

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It’s good news if you need to buy gas, it’s bad news for your investment portfolio and the global economy, already weakened by the COVID-19 situation.

Oil prices are plunging because of a dispute among producers; Saudi Arabia, Russia and others.

Benchmark U.S. crude has fallen more than 25 percent to just under 31-dollars a barrel.

The dramatic losses follow a 10 per cent drop for U.S. oil on Friday, which was its biggest loss in more than five years.

If you shop around, gas prices here in the GTA are as low as 94 cents a litre.

With demand for oil falling as the new coronavirus disrupts travel around the world, there are fears the market will soon be glutted with oil unless producers can agree on production cuts to try to stabilize downward spiraling prices.

Shares in Asia and the Mideast and U.S. futures are down sharply and reports on the health of the economies of Japan and China are stirring more unease.

Here in the GTA, regular gas is selling for as cheap as 94 cents a litre.

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