OIL PRICES MAKE U-TURN INTO MINUS TERRITORY

LONDON: Oil prices slipped into negative territory yesterday as faltering fuel demand from the spread of the coronavirus outweighed a massive pending US economic stimulus package. Brent crude was down 45 cents, or 1.66%, at US$26.70 (RM117.35) per barrel at 1029 GMT after earlier rising to a high of US$28.29. US crude was down 10 cents, or 0.42%, at US$23.91 after a high of US$25.24 per barrel. ING yesterday slashed its Brent price forecast for the second quarter to US$20 a barrel from US$33 due to the coronavirus outbreak and an expected supply surge from Saudi Arabia and Russia from April.– Reuters