Oil prices fall as U.S. inventory build-up heightens oversupply concerns

Oil prices fall as U.S. inventory build-up heightens oversupply concerns

Oil prices are near their lowest since 2002 amid the global coronavirus crisis that has brought a worldwide economic slowdown and slashed oil demand.. Adding to the downward pressure, sources told Reuters that top U.S. officials have for now put aside a proposal for an alliance with Saudi Arabia to manage the global oil market.. A Reuters survey of 40 analysts forecast Brent would average $38.76 a barrel in 2020, 36% lower than the $60.63 forecast in a February survey..