Oil price crashes to below $11 per barrel
However, the plunge has been exaggerated as the May futures contract expires on Tuesday, leading to a fire-sale among traders who do not have storage space
20 April 2020 - 16:53
Oil suffered its biggest one-day price plunge in the modern era, at one point crashing about 40% to below $11 a barrel as traders contend with a historic glut.
Despite Opec+’s unprecedented output deal agreed on a week ago, the oil market remains massively oversupplied as the lockdowns to fight the spread of the coronavirus reduce global crude demand by about a third. Storage tanks across the globe are rapidly filling, including at the key US hub in Oklahoma...
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