Crude oil hits 17-year low, further slide expected

Singapore

THE triple whammy of the Saudi- Russia price war, Covid-19 and a crude supply glut has landed the "Big Bear" in the oil market - with crude prices skidding to a 17-year low and the trough nowhere in sight.

"Given the scale of the losses endured already, you have to question just how much lower it can feasibly go. But, as is the case with stocks, the outlook is so unclear that beyond price alone, there isn't much of a bullish case," said Oanda's London-based senior market analyst Craig Erlam.