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American crude barrels below $ 11 in Asian markets

rocky
rocky
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Join date : 2012-12-21

American crude barrels below $ 11 in Asian markets Empty American crude barrels below $ 11 in Asian markets

Post by rocky on Tue 28 Apr 2020, 1:26 am

[size=22]American crude barrels below $ 11 in Asian markets

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  •  Time: 04/28/2020 08:13:30
     
  •  Reading: 403 times
     
  • Categories: Economic


American crude barrels below $ 11 in Asian markets -1316
  
[size=18]{International: Al Furat News} The price of WTI declined by more than 14% in the Asian markets on Tuesday morning, falling to below $ 11 a barrel, after a tradable investment fund in the stock exchange started selling its short-term oil contracts.

West Texas Intermediate crude, also called "sweet light oil", and is a reference in the pricing of US crude, fell by 14.8 percent in electronic trading, to $ 10.88 per barrel, in the midst of growing investor fears about excess supply and shortage in storage capacity .
The Brent mix, which is considered a reference in the pricing of international raw materials, lost on its part, 4.4 percent of its value, down to $ 19.10 a barrel.
 Oil prices have collapsed in recent weeks, due to a decline in demand caused by restrictions and travel restrictions imposed in the world to combat the outbreak of the new Corona virus.
Last week, US crude fell for the first time in history to below zero due to a glut in inventory that forced investors to pay to get rid of crude.
But the main reason for the drop that occurred on Tuesday is the announcement of the "United States Oil Fund" selling all of its June contracts for WTI.
Analysts said the fund’s decision to dump these short-term contracts and replace them with long-term contracts put pressure on black gold contracts for June delivery.
The fund's announcement also highlighted concerns about storage capacities available in the United States.
Stephen Ennis, global market strategist at Axi Corp., said that the fund’s decision to sell its June futures contracts led to a wide difference in prices between this month’s and July’s contracts, which on Tuesday reached more than $ 18 a barrel
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    Current date/time is Tue 24 Nov 2020, 12:44 pm