MCX Crude Oil Future Price above 2820, Targets Price 3220—3440—3880++ Neal Bhai Reports

MCX Crude Oil Future Price above 2820, Targets Price 3220—3440—3880++ Neal Bhai Reports

Crude Oil prices surged early on Tuesday to their highest level since Saudi Arabia and Russia broke up the OPEC+ pact in early March, thanks to promising results in a coronavirus vaccine trial and the European Union reaching a historic stimulus package deal after five days of marathon talks.

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Crude Oil Plunges Below Zero for First Time in Unprecedented Wipeout

Crude Oil

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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