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London. — Oil prices fell as news of President Donald Trump’s plans to ease the US coronavirus lockdown to get the American economy moving again were quickly overshadowed by China’s worst quarterly economic contraction on record.
US crude for June fell 2,6 percent, or 66 cents, to $24,87 per barrel. Brent rose 13 cents to $27,99 per barrel. The less active US crude contract for May tumbled by $2,17, or 11 percent, to $17,73, attributable to the imminent expiry of the contract, on April 21, and fast-filling crude storage. Investors pinned their hopes on plans to ease lockdown measures after Trump laid out new guidelines for US states to emerge from a coronavirus shutdown in a staggered, three-stage approach. — Reuters.
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