[size=36]US oil futures are down more than 147% to -8.6 dollars a barrel[/size]
Economy | 09:27 - 20/20/2020
Baghdad - Mawazine News
The price of US crude oil recorded the largest daily decline ever, after falling more than 147% to -8.60 dollars a barrel, coinciding with the evaluation of investors to the market situation, which suffers from severe oversupply as a result of the decline in demand caused by the Corona pandemic.
US NYMEX crude for May delivery fell 147% to -8.60 dollars a barrel, the biggest drop in the history of oil markets, and the price is the lowest ever.
This coincides with the pandemic pressures on the global economy and its threat to erase a decade of demand growth, causing it to lay off millions of their jobs, and wipe out hundreds of billions of dollars of corporate market value.
However, technical factors played a role in the decline in May futures prices, which expire tomorrow, Tuesday, which prompted traders to sell them quickly. However, June delivery contracts did not deliver from losses and declined by 13% to $ 21.80 a barrel. , Until now.
Since the beginning of the year, crude prices have fallen more than 80%, or $ 50 a barrel, due to the repercussions of the coronary virus outbreak and the collapse of the "OPEC +" agreement last month, before the producers remedied this month and approved a historic cut. Analysts say the agreement came too late, allowing huge volumes of supply to pass to the market.