Analysts say $40 crude best-case scenario as new oil floods market amid soggy demand

CALGARY – New oil is flooding the global market at a time when the resurgence of COVID-19 in Europe and elsewhere is causing crude demand to crater and the confluence of those two factors, deemed “the sum of all fears” by analysts, could hang over oil markets well into 2021. Global oil prices fell as much as 6 per cent into the US$34 per barrel range for the West Texas Intermediate benchmark in Asian trading Monday, but...