As the international oil price plunged, it fell to negative territory.
At the New York Mercantile Exchange, crude oil from West Texas for delivery in May closed at -37.63 USD.
This is the first time on the 17th that the international oil price fell to minus.
In this regard, local media reported that the crude oil market exploded due to a sharp drop in crude oil demand and supply of oil due to the corona19 crisis.
Experts say that in the event of stock overflow, the oil futures investor replaced most of the crude oil for delivery in May with a June product, making the abnormal situation a reality.
Crude oil from Western Texas in June, trading in earnest starting tomorrow, remains at $ 4.09, down from $ 20.94.
The first minus in international oil prices… May WTI '-$ 37'
2020-04-20T19:49:34.239Z
As the international oil price plunged, it fell to negative territory. At the New York Mercantile Exchange, crude oil from West Texas for delivery in May closed at -37.63 USD. This is the first time on the 17th that the international oil price fell to minus.
Source: sbskr