Oil Prices Plummet to
Minus $37 a Barrel.
U.S. crude prices reached their lowest
level on record, with West Texas Intermediate
crude dropping to minus $37.63 a barrel.
Oil’s May contract, known as its front month,
has been hit the hardest with deliveries set to
take place while the country is on lockdown.
As demand for gasoline
from refineries decreases,
storage tanks are also
beginning to near their limits.
We are seeing real pressure on storage as a consequence of the collapse in demand, ANZ strategist Daniel Hynes, via ‘Squawk Box’.
OPEC and its oil-producing partners finalized
a historic agreement earlier this month to cut
production by 9.7 million barrels per day on May 1