Arzuw NEWS - Turkmenistan news

WTI crude fell below zero for the first time in history

For the first time in the history the quotations of the American oil brand West Texas Intermediate (WTI) reached -40$ per barrel. For the May futures the fall occurred at 300%.

According to the Spanish newspaper Pais, amid the quarantine measures, the number of flights between countries and the minimum demand for fuel cars worldwide decreased, resulting in a sharp decline in global demand for crude oil. Producers feared an oversupply of crude at oil storage facilities. As a result the owners have been forced to pay buyers for the sale of WTI oil. The situation was affected by the last day of trading in May futures.

In the morning of April 21 futures rose by 103.77% to 1.42$ per barrel. A week ago this barrel was sold at 20$.

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