US oil price falls to the lowest level in 19 years due to the negative Chinese data
And US crude futures recorded their lowest levels in 19 years, to continue losing their losses compared to Brent global benchmark, due, among other things, to the approaching contract deadline for the current maturity next May. But the longer contracts have also declined with the growth of stocks, while producers and dealers expect production cuts in the coming months.
Brent contracts were up 56 cents, or 2 percent, to $ 28.36 a barrel, while US crude for June delivery, which became the most active contract for the day, fell 32 cents, or 1.3 percent, to $ 25.19.
The less active May contract plunged 1.69 dollars, or 8.5 percent, to 18.16 dollars, before it expires on April 21, as investors rush to move from the June contract.
It is noteworthy that the Chinese economy shrank 6.8 percent year on year in the three months to March 31, the first decline of its kind since the start of the quarterly figures in 1992. The daily production of refineries in China fell to its lowest level in 15 months, but there are signs of recovery With the easing of the procedures to contain the Corona virus[/rtl]