Energy stocks are suffering from a double whammy of the coronavirus crisis and a price war among big crude oil producersBy ALEX VEIGA AP Business WriterApril 9, 2020, 4:15 PM3 min readLOS ANGELES — Amid a historic Wall Street crash it’s been the energy sector that’s suffering the worst selling, thanks to a double whammy of the coronavirus crisis and a price war among big crude producers. The sector has lost 44% so far this year, as the price of crude recorded its worst drop in history, sinking almost 70% in the first quarter to around $20 per barrel. Global demand for oil fell 7% in the first quarter and is expected to fall 14% in the second quarter, according to IHS Markit. “There’s been a complete collapse in demand related to sheltering in place throughout the globe,” said Phil Orlando, chief equity market strategist at Federated Hermes. The skid accelerated last month after OPEC and Russia failed to agree on production cuts and instead launched a price war to maintain market share. Saudi Arabia threatened to pump at a record-breaking pace of more than 12 million barrels a day, but after it agreed to resume talks with Russia this


Continue To Full Article