Coronavirus: oil price collapses due to falling demand – BBC News

BBC News in the UK reported on the oil price, which has collapsed due to falling demand during Covid-19 lockdowns around the world.

The price of oil has fallen further as coronavirus causes falling demand around the world. In the United States some oil prices turned negative – with oil producers in effect paying buyers to take supplies.

Meanwhile some countries are continuing to ease the lockdowns they put in place due to the pandemic. New Zealand is relaxing rules on local travel, following some easing of coronavirus restrictions in Germany and Denmark.

In the UK Boris Johnson is said to be very wary of relaxing restrictions too soon due to concerns it could lead to a second wave of coronavirus infections. The Prime Minister is continuing his recovery from the virus at Chequers, his country residence.

In the United States protesters have taken to the streets demanding an end to the lockdown. The US is feeling the economic effects of the pandemic, with unemployment soaring – more than 22 million Americans have put in new claims for benefits in the last month.

Huw Edwards presents News at Ten reports from Business Correspondent Michelle Fleury, Science Editor David Shukman, Political Editor Laura Kuenssberg and North America Editor Jon Sopel.

BBC News YouTube Channel

How has your oil consumption changed after the Covid-19 outbreak? Do you have a comment on the market? Leave a public moderated comment, below.

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Denmark, officially the Kingdom of Denmark, is a Nordic country in Northern Europe.  The capital is Copenhagen. Denmark proper, consists of a peninsula, Jutland, and an archipelago of 443 islands.

The Kingdom of Denmark comprises Denmark proper and the two autonomous territories in the North Atlantic Ocean: the Faroe Islands and Greenland. Home rule was established in the Faroe Islands in 1948; in Greenland home rule was established in 1979 and further autonomy in 2009.

Denmark has highly developed mixed economy. Denmark became a member of the European Economic Community (now the EU) in 1973, but negotiated certain opt-outs; it retains its own currency, the krone. It is among the founding members of NATO, the Nordic Council, the OECD, OSCE, and the United Nations; it is also part of the Schengen Area. Denmark has close linguistic ties to its Scandinavian neighbours.

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