Coronavirus impact: Oil falls 5% on oversupply concerns

Coronavirus impact: Oil falls 5% on oversupply concerns

The IEA report added to downward pressure caused by rising inventories.. Oil fell 5 per cent to around $28 a barrel on Wednesday, pressured by reports suggesting persistent oversupply and collapsing demand due to global coronavirus-related lockdowns.. 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 no output cut could fully offset the near-term falls facing the market.. Brent crude fell $1.49, or� per cent, to $28.11 a barrel as of 0827GMT, giving up an earlier gain.. "There is no feasible agreement that could cut supply by enough to offset such near-term demand losses," the IEA said in its monthly report.. The Organisation of the Petroleum Exporting Countries, along with Russia and other producing countries - a grouping known as Opec+ - has partnered with other oil-pumping nations like the United States for a record supply-cutting agreement.. Industry group the American Petroleum Institute said on Tuesday that US crude inventories rose by 13.1 million barrels, more than analysts expected.. Official government inventory figures are due later on Wednesday.. ERROR: Macro /ads/dfp-ad-article-new is missing!. The IEA report added to downward pressure