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The price of a barrel of US oil fell 14% today in the Asian market, as a major player began selling long-term contracts to buy black gold. The price of a barrel of “sweet light crude,” or WTI, US crude, fell 14.8% to $ 10.88, as it lost a quarter of its value the previous day, amid continuing concerns about storage capacity, so than the ability to hold stocks.
The price of a barrel of Brent crude oil from the North Sea in the international market fell 4.4% to $ 19.10. The reasons for the continued dramatic drop in prices are seen as extremely low demand, due to restrictions on transportation and economic activity imposed on the planet, in an effort to limit the spread of coronary heart disease, and in The fact that production has not been properly adjusted. Today’s decline was triggered by the fact that the United States Petroleum Fund, a major player in the market, announced that it was selling all the contracts it has for June deliveries.
By investing in more long-term delivery contracts, the fund has put pressure on long-term contracts with a June delivery date, analysts said. The announcement also highlights concerns about the capacity of the crude oil infrastructure.
With information from ΑΠΕ- ΜΠΕ
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