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The Petroleum rose sharply this Wednesday in New York after collapse completely on Monday and Tuesday, in a market under pressure from falling demand and storage capacities to the limit.
So the barrel of WTI for delivery in June, the reference from this Wednesday, It rose 19% at the close to $ 13.78. On Monday, this contract had lost more than 40%.
In London, the North Sea Brent barrel for June delivery was up 5.4% at $ 20.4 within minutes of closing.
Previously, the European markets closed green this Wednesday, also encouraged by the incipient studies to find a coronavirus vaccine.
Quotes were “on the floor”
The turmoil in the oil market, sunk on Monday by lack of demand due to the pandemic, persisted on Tuesday after holders of sales contracts to May in the United States had to pay to get rid of oil.
An analyst synthesized the debacle: crude “It’s worth less than a pizza.”
The price of a barrel for WTI, whose contract expired on Tuesday, fell for the first time in history to negative territory on Monday, to -37.63 dollars, which means that the owners of the purchase contracts paid to find buyers for the physical oil.
The next day, after several swings, that contract ended at $ 10.01. However, the rebounds would not ensure a complete change in the trend.
“I never thought it would be possible that American crude will be worth less than a pizza or even a slice of pizza! ”said Jameel Ahmad, head of forex strategy and market research at FXTM.
The president of United States, Donald trumpDuring the last hours, he asked his cabinet to prepare an emergency plan to help the oil and gas industry.
“We will never drop our large US oil and gas sector,” the president promised.
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