• 2 minutes Rational analysis of CV19 from Harvard Medical School
  • 4 minutes While U.S. Pipelines Are Under Siege, China Streamlines Its Oil and Gas Network
  • 7 minutes Renewables Overtake Coal, But Lag Far Behind Oil And Natural Gas
  • 12 hours Joe Biden the "Archie Bunker" of the left selects Kamala Harris for VP . . . . . . Does she help the campaign ?
  • 1 min Tesla Begins Construction Of World’s Largest Energy Storage Facility
  • 19 hours Trump Hands Putin Major Geopolitical Victory
  • 4 hours America Could Go Fully Electric Right Now
  • 2 hours Will any journalist have the balls to ask Kamala if she supports Wall Street "Carried Interest" Tax Loophole
  • 13 hours Those Nasty White People and Camping Racism
  • 2 hours In 1,267 days, Trump has made 20,055 false or misleading claims
  • 8 hours COVID&life and Vicious Circle: "Working From Home Is Not Panacea For Virus"
  • 3 hours .
  • 1 hour Brent above $45. Holding breath for $50??
  • 3 hours Buying votes is cool now.
  • 14 hours The Truth about Chinese and Indian Engineering
  • 1 day Oil Tanker Runs Aground in Mauritius - Oil Spill
  • 2 days China wields coronavirus to nationalize American-owned carmaker
  • 2 days Open letter from Politico about US-russian relations
  • 2 hours The World is Facing a Solar Panel Waste Problem
Russia’s Central Bank Against Copying Mexican Oil Hedge

Russia’s Central Bank Against Copying Mexican Oil Hedge

Russia’s central bank doesn’t think…

Oil Market Contango Returns In A Sign Of New Glut

Oil Market Contango Returns In A Sign Of New Glut

Sluggish oil demand recovery with…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Oil Crashes Again On U.S. Travel Ban

After a brief respite following reports of central bank economic stimuli in the United States and the UK, crude oil slumped once again after on Wednesday, President Donald Trump instituted a 30-day travel ban on most European countries because of the coronavirus pandemic.

At the time of writing Brent crude was trading down by more than 8 percent at $32.71 a barrel, with West Texas Intermediate at $30.27 a barrel, also down by more than 8 percent.

In a televised address from the Oval Office, Trump said, “We will be suspending all travel from Europe to the United States for the next 30 days. The new rules will go into effect Friday at midnight. These restrictions will be adjusted subject to conditions on the ground. There will be exemptions for Americans who have undergone appropriate screenings. And these prohibitions will not only apply to the tremendous amount of trade and cargo, but various other things as we get approval.”

Airline stocks slumped further on the news, as the ban is another blow to an already battered industry, but fuel demand from one of the biggest consumers globally will also be affected further, which, along with the panic associated with such radical disease containment measures, added to the already sizeable pressure on oil prices.

The Energy Information Administration’s latest Short-Term Energy Outlook, also released yesterday, did not help lift industry spirits, either. The EIA said it expected oil consumption to have declined by 900,000 bpd in the current quarter from a year earlier, and for full-2020, demand for oil would rise by a modest 400,000 bpd.

The authority also revised down its price forecast, now expecting Brent crude to average $43 a barrel this year, but just $37 a barrel during the second quarter as the disease, which the WHO has now classified as a pandemic, continues to rage across the world.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News