Oil Tumbles With Corporate Layoffs, Virus Clouding Recovery
- Oil demand seen cratering with layoffs at key companies
- Messla oil field and Sarir refinery in eastern Libya restart
The Paul B. Loyd Jr drilling rig, operated by Transocean Inc., stands illuminated at night in the Port of Cromarty Firth in Cromarty, U.K., on Tuesday, June 23, 2020.
Photographer: Jason Alden/BloombergThis article is for subscribers only.
Oil tumbled to the lowest level in more than a week as a resurgence in coronavirus cases and impending U.S. layoffs darken the economic outlook.
Futures in New York slid 3.1% on Thursday, moving in sympathy with equities, after trading in a tight range this week. Wells Fargo & Co., the largest employer among U.S. banks, was among several corporations to announce massive layoffs after a gloomy jobs report. At the same time, the Messla oil field and Sarir refinery in eastern Libya resumed production, threatening to boost global supplies when demand remains weakened.