COVID-19 causing first drop in oil use in decade: IEA

• "Global oil demand has been hit hard by the novel coronavirus (COVID-19) and the widespread shutdown of China's economy," the International Energy Agency said in its latest monthly report.

"Global oil demand has been hit hard by the novel coronavirus (COVID-19) and the widespread shutdown of China's economy," the International Energy Agency said in its latest monthly report.

"Demand is now expected to fall by 435,000 barrels year-on-year in the first quarter of 2020, the first quarterly contraction in more than 10 years" when it dropped during the global economic crisis, it added.