Crude collapse and the price disconnect

On April 20, the West Texas Intermediate (WTI) crude futures, the benchmark of America’s oil industry, for the month of May plunged to a negative $37.63 per barrel (bbl) on the New York Mercantile Exchange — a fall of more than $55 per bbl. The last time the US crude averaged less than $10 a bbl was in 1974. The Brent crude futures, on the other hand, did not fall so much on the same day. It is true that crude oil prices globally are under pressure due to excess supply and poor demand, thanks to the Covid-19 pandemic.  The Brent crude futures for the near month did fall .....

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