For the first time ever and as a result of the historical price collapse … oil sellers pay buyers !!
For the first time ever and as a result of the historical price collapse … oil sellers pay buyers !!
4/21/2020 21:24
[Follow-up]
US crude futures losses accelerated for delivery in May, which tumbled to more than 120 percent, bringing the price of a barrel to negative $ 3.7 a barrel, an unprecedented price in the history of the oil industry.
US crude futures continue to collapse, on a day that will be a difference in the history of the global oil industry.
As a result of the unprecedented collapse in prices, sellers were forced to pay money to buyers to encourage them to take oil futures contracts, in an attempt to reduce losses.
At about 1740 GMT, US crude futures collapsed by more than 94 percent to $ 1.04 a barrel,
and oil markets fell in recent weeks to their lowest levels in nearly 20 years, amid closures and travel bans around the world, which heavily affect demand.
alliraqnews.com
