in ,

US crude price benchmark turns negative AGAIN. -$4.53 a barrel as of 7:40 am GMT

Oil prices turn negative

21 April 2020

The price for a barrel of US crude West Texas Intermediate (WTI) continued its downward spiral on Tuesday following Monday’s historic crash, which saw prices enter negative territory for the first time ever.

WTI plummeted below zero again after popping up briefly to over $1 per barrel earlier on Tuesday. US crude is trying to recover from Monday’s shocking losses when prices fell as low as -$37.63 per barrel.

The unprecedented price collapse comes as the Covid-19 pandemic keeps people at home and destroys demand for transportation fuel, which has led to overload at oil storage facilities.

What do you think?

12 points
Upvote Downvote

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading…

0

Sign of hope or a matter of statistics? Russia sees major drop in new Covid-19 cases

Immigration into the US to be suspended – Donald Trump