The crude oil price on the futures contract for West Texas crude that is due to expire Tuesday fell into negative territory — minus $37.63 a barrel. The reason: with the pandemic bringing the economy to a standstill, there is so much unused oil sloshing around that American energy companies have run out of room to store it. And if there’s no place to put the oil, no one wants a crude contract that is about to come due.
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Crude Oil Plummets to 17-Year Low as Broken Market Drowns in Crude
Crude Oil slumped to a 17-year low as coronavirus lock-downs cascaded through the worldslargest economies, leaving themarket overwhelmed by crateringdemand and a ballooning surplus of crude.
MCX Crude Hit 1st Target 4310 2nd Target 4440 – Enjoy or Not – Neal Bhai Reports
MCX Crude Oil settled up 0.73% at 4272 as investors cheered progress in resolving the U.S.-China trade dispute and a decisive general election result in Britain. Prices seen supported by efforts by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia to cut production.
Crude Oil prices Slip as Trade War Concerns Haunt Market
Crude Oil prices slipped for a second straight day on Tuesday as a slowing global demand outlook outweighed OPEC’s deal with associated producers last week to deepen output cuts in 2020.
MCX Crude Oil Trading Tips Rocking Watch 3900 To 4267, Almost 355 Point Up – Neal Bhai Reports
Crude Oil futures leapt this morning by over 15% in a knee-jerk reaction to the attack on the Saudi Arabia Abqaiq oil facility over the weekend that notionally, took 5% of the world’s supply offline.