The Covid-19 outbreak has severely cut demand for crude and tumbled oil prices. As the crisis hits the US oil industry hard, with 40 percent of rigs going offline, Boom Bust investigates how the sector is coping.
The panic over the lack of space to store oil and expiry day for WTI contracts for May delivery pushed their prices to historic lows, with WTI trading below zero for the first time in history last week. Despite looming OPEC+ cuts, the energy market continued to fall this week, with WTI trading below $11 per barrel, while international benchmark Brent was also down to around $20 per barrel.
Continue reading https://on.rt.com/afup