Oil tumbles to five-month low on report of ‘large surplus’
Brent falls as much as 3% on IEA report of recent build-up in shipments
Brent falls as much as 3% on IEA report of recent build-up in shipments

Stocks near 8-year low ahead of summer travel season despite collapse in demand

Report marks a shift from energy watchdog that had previously warned of a ‘staggering glut’ of crude

Demand drops 3.4% in March due to soaring prices, supply shortages and collapse of Middle East air travel

International Energy Agency expects production to rise by 1.8mn barrels a day in 2025

Brent crude hits lowest intraday level for six months on hopes of Russia-Ukraine peace deal

Lay-offs mark ‘flashing red warning light’ for industry as executives brace for downturn that may last years