WTI oil prices plummet to record low
Print Edition
US oil prices dived to its lowest level ever — below US$10 — yesterday after crashing more than 45 percent in a market flooded with crude and slammed by evaporating demand in the face of the coronavirus pandemic.
Around 1650 GMT, the US benchmark West Texas Intermediate crude for May delivery tanked to US$7.9 per barrel in New York trading.
Trade, however, was also technically driven as investors closed out their positions ahead of the May contract expiry yesterday.
The June contract was down 8.8 percent at US$22.82.
“The real problem of the global supply-demand imbalance has started to really manifest itself in prices,” said Rystad Energy analyst Bjornar Tonhaugen.
“As production continues relatively unscathed, storage is filling up by the day. The world is using less and less oil and producers now feel how this translates in prices.”
The European benchmark contract, London Brent North Sea oil for June delivery, was down 6.3 percent at US$26.30 per barrel.
Traders are becoming more and more concerned that oil storage facilities are reaching their limits, as stockpiles continue to build owing to the crash in demand caused by the COVID-19 pandemic.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
