Oil fell 4% towards $28 a barrel on Wednesday, pressured by reports of persistent oversupply and collapsing demand due to global coronavirus-related lockdowns and a lack of coordinated oil purchases for strategic storage. 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 that no output cut could fully offset the near-term falls facing the market. “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.
