Breaking News

For the first time in history, oil prices collapsed to below zero dollars ! - 21-04-2020

News Date: 21/4/2020 07:48:51
Update Date: 21/4/2020 07:49:47

Oil prices collapsed yesterday by 40% to reach $ 12 a barrel, and continued to decline to reach in the last session less than a dollar a barrel, which led to a 50% weakness in the ability of oil markets, due to the lack of global demand because of the current conditions in the world, the producer has become the one that pays the buyers to dispose of the commodity they have and also to discard the responsibility of storing them, as the number of barrels stored reached 19 million barrels within only one week, and the demand for oil will remain weak as long as we do not passed this pandemic yet, and prices will continue to decline in the markets .

US President Donald Trump said today during the Crisis Cell conference that the decline in US oil prices is just a temporary and short-term event, which is only a result of current conditions, and added that the price of oil will soon return to its usual value, and he expected oil prices to rise during May to reach 28 dollars Maximum

As for the reason that pushed the oil down, regardless of the repercussions of the virus – which in turn played a big role in getting oil to where it is, due to forced quarantine and thus a curfew,  means stopping driving cars and riding planes, and also reducing imports from major global consumes like China and Japan – On the other hand, prices between Saudi Arabia and Russia pushed energy prices down in the recent period, and speculators also had a major role in lowering the price of oil.

Latest news

The dollar index rise against six major currencies, including the British pound and the euro, rose to its highest level in 20 years, supported by the decline of the British pound. The euro recorded
09-2022 26 02:49:04

Crude oil futures rose during the Asian session today, Thursday, this rise came after a decline : after the US central bank raised interest rates to control inflation, which directly affected the dem
09-2022 22 02:20:30

Yesterday, Wall Street closed lower , following the US central bank’s meeting, which is expected to raise interest rates significantly. According to the data, the Standard & Poor's 500
09-2022 21 01:33:42

Today gold futures and crude oil futures rose during the Asian session. As the gold futures contract was traded in December at $1,685.30 an ounce, its price increased by 0.42%, after it had previous
09-2022 20 02:56:35

The dollar fell by about 1% from its highest level in 20 years, this comes when investors assessed some of the risks of large increases in interest rates expected by major central banks during this w
09-2022 19 01:28:27

More News