The price of US crude collapses by more than 306% and amounts to minus $ 37
The price of a barrel of American oil fell sharply during Monday’s trading, by more than 306%, recording the lowest level in its history.
Reuters reported that US crude futures tumbled 306% as the price of a barrel was $ 37.63 below zero, by 18.34 GMT.
This is the lowest level recorded by US crude, “West Texas Intermediate” in history.
Brent crude futures fell 9.2 percent to $ 25.43 a barrel.
And US oil futures turned to the earliest benefit during trading, today, Monday for the first time in history, with crude storage tanks full, which discourages buyers, while weak economic data from Germany and Japan cast doubt on the date of recovering fuel consumption.
With the actual depletion of oil demand, a global glut has emerged in the supply, while billions of people around the world still need their homes to slow the spread of the new Corona virus.
Experts attributed the decline to the decline in demand for crude due to the spread of the Corona virus, and the proximity of US oil depots to fullness.
The collapse in the oil market comes amid a state of economic stagnation due to the repercussions of the spread of the Coruna virus, and the measures taken to combat it.
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The International Monetary Fund warns that getting the world’s economies into a downward spiral will be the deepest since the Great Depression of the 1930s. Source