Why Has the Price of Crude Oil Skydived?
West Texas Intermediate (WTI), dipped 321% to -40.32/barrel while the global standard, Brent crude futures pared brief gains and edged about 9.5% lower at $25.41/barrel
By Azhar Azam
On the back of the unprecedented supply glut, sapped demand and filled storage amid the coronavirus pandemic – for the first time in history, the prices of the US crude oil futures tanked to a negative territory, indicating the producers would pay traders for taking the oil off their hands.
Prices on the May contract expiring Tuesday for the US-benchmark, West Texas Intermediate (WTI), dipped 321% to -40.32/barrel while the global standard, Brent crude futures pared brief gains and edged about 9.5% lower at $25.41/barrel.
The June and July WTI contracts also dropped&nb...