Historical day: the world price of crude oil dropped dramatically below 0 USD / barrel



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Historical day: the world price of crude oil fell miserably below 0 USD / barrel - Photo 1.

This is the first time that the world price of crude oil has fallen to a negative level – Photo: REUTERS

April 20 (sunrise 21-4 Vietnamese time) has become a landmark day for the global oil industry, after the price of WTI (Light Sweet West Texas, USA) crude oil in May fell to – 37. , 63 USD / box. At first, the price fell as low as -40.32 USD / barrel and then returned to -37.63 USD / barrel at the close of the session.

“OMG! The price of oil will have to go down because of the rapid drop in demand and the storage tanks are filling up fast. But I don’t think it will go down that fast,” said Samantha Gross, an energy researcher at the Brookings Institution . Surprised

This is the first time that the world price of crude oil has fallen to a negative level (below $ 0 / barrel) and this is the lowest price on the New York Stock Exchange (NYMEX) since 1983, according to CNN.

According to Bloomberg News, the reason is because the COVID-19 pandemic affects world economies, there is too much unused oil, and US energy companies. USA They have run out of oil reserves.

Analysts warned that crude oil inventories will “spill over” next month and that US companies are considering stopping production.

According to Al Jazeera, the negative price is “an indication that traders will have to pay to get the oil out of their hands when oversupply is challenging storage capacity.”

“WTI crude oil has nowhere else to go. Traders have a month to deal with this oil and decide what to do. Today is the last day they can sell.” – Louise Dickson, analyst distributor of the oil market at Rystad Energy , commentary.

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