BREAKING: U.S. crude prices down to $0 per barrel

As the world's factories and machines are grinding to a halt, demand for oil as notified amid falling prices.
376
Crude Oil Pipeline

The United States oil prices plummeted to a crash on Monday as demand plunged due to the coronavirus pandemic.


The U.S. oil futures went to $0 a barrel, the worst point since NYMEX began oil futures trading in 1983.

The development came against the backdrop of a low price drop of 18 years in the midst of the difficulties of storage.

Analysts said monitoring OPEC and its partners, OPEC+, agreed on production reductions are not enough to mitigate the market loss caused by the global downturn.

As the world's factories and machines are grinding to a halt, demand for oil as notified amid falling prices.

According to Bjornar Tonhaugen, head of oil markets at Rystad Energy, West Texas International's May futures contract is about to expire and frenzied last-minute trading is compounding fears over how much oil the US will be able to store as demand dries up.

This is leading to “large price swings”, he explained.

© LIVE updates, Latest headlines, Breaking news, Top Stories, Trending topics, Nigerian Newspapers - The Gazette Nigeria 2020

Published by NINCHI Services Limited

Proudly powered by Extrigs! Pye.