Crude futures plunged roughly 10% Friday, following news that OPEC+ negotiations for deeper production cuts broke down . NYMEX front-month crude settled at $41.28/b down $4.62 (10.1%) day on day, while ICE front-month Brent settled $4.72 (9.4%) lower at $45.27/b. Russia refused to go along with a plan for deeper cuts to tackle the coronavirus’ impact on global oil demand. Global demand growth estimates have been slashed as the virus has spread. OPEC cut its 2020 oil demand growth forecast to 480,000 b/d, down from 1.1 million b/d seen in December 2019. S&P Global Platts Analytics has cut its 2020 demand oil growth projection by 1.1 million b/d since January to 240,000 b/d. Benchmark crude futures […]