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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.

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