Anonymous Coward User ID: 77952124 United States 04/20/2020 02:25 PM Report Abusive Post Report Copyright Violation | So bad..look we will pay you to take oil.. Historic day for oil markets as WTI crude crashes below zero for first time Historic day for oil markets as WTI crude crashes below zero for first time Oil futures collapsed to below zero for the first time ever as the deepening economic turmoil caused by the coronavirus crisis left traders desperate to avoid taking delivery of physical crude. In an unprecedented day of trading, the price for the May contracts wiped out all value, breaking every low for oil prices since 1946. The exchange where WTI futures trade said the contract would be allowed to price below zero. The extreme move showed just how oversupplied the U.S. oil market has become with industrial and economic activity grinding to a halt as governments around the globe extend shutdowns due to the swift spread of the coronavirus. An unprecedented output deal by OPEC and allied members a week ago to curb supply is proving too little too late in the face a one-third collapse in global demand. [ link to www.USE_FULL_LINKbusiness.financialpost.com (secure)] |
Anonymous Coward User ID: 78054348 United States 03/06/2022 07:39 PM Report Abusive Post Report Copyright Violation | Re: So bad..look we will pay you to take oil.. Historic day for oil markets as WTI crude crashes below zero for first time That trump sure packed a mean tweet in those days though. |