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US Oil Price Collapses To $0.01/Barrel

 

The US benchmark crude oil value collapsed on Monday, falling to 1 cent a barrel amid an epic provide glut precipitated largely by the coronavirus pandemic’s hit to demand.

After beating the file low a number of occasions, West Texas Intermediate (WTI) for Might supply continued to sink to the unparalleled value of a penny a barrel, earlier than inching as much as $zero.27 at about 1815 GMT in New York.

Sellers of the Might contract have only one extra day to seek out consumers, however with storage briefly provide, they’re struggling to seek out takers.

The WTI contract for June supply is buying and selling at a still-low $22 a barrel.

AFP

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