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Yesterday (21st) International oil prices, which recorded the first minus in history, plunged two days in a row. President Trump has said he will purchase and stock up large quantities of crude oil, and will also finance the collapsing energy industry.
Reporter Hye-kyung Jeong reports.
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June, US West Texas oil fell 43% more than the previous day.
It was a two-day plunge following the oil price in May, when it was negative for the first time ever.
Starting at $ 20 a barrel the day before, the price of Texas oil in June shrank to $ 6.50 intraday and closed at half the level at $ 11.57.
Brent oil prices in the UK, the basis for oil prices worldwide, also fell below $ 20 per barrel intraday, hitting the lowest in 18 years.
It is an analysis that the prospect that the situation will prolong for a long time will stimulate future traders' buying sentiment, as the real demand of related industries such as oil refinery and aviation has virtually disappeared due to the Corona 19 crisis.
[Rangis Raja / Crude Oil Market Analyst: This crude oil price stream is likely to hurt the economy directly with unemployment.]
Following President Trump's announcing that he would buy 75 million barrels of crude oil the day before, US In a tweet, the Ministry of Finance and Energy have instructed the government to come up with a funding plan.
A global consulting firm analyzed that 50,000 jobs related to drilling and refinery had actually disappeared in a month in March.
International oil prices plunged two days in a row ... Trump "Oil Industry Support"
4/21/2020, 10:25:18 PM
International oil prices, which recorded the first negative in history yesterday, continued to plummet. President Trump has said he will purchase and stock up large quantities of crude oil, and will also finance the collapsing energy industry.