Oil prices crashed below zero 3 years ago, with the spotlight back on demand and volatility

Three years to the day, U.S. benchmark West Texas Intermediate crude futures settled at a negative price for the first time on record. The oil market is again struggling with signs of a slowdown in the global economy that could lead to a drop in energy demand.

Oil changes “A lot has changed in the last three years on the supply, demand and refinery side of oil,” said Vikas Dwivedi, global oil and gas strategist at Macquarie Group. — Vikas Dwivedi, Macquarie Group After a post COVID-19 rebound, oil markets are again dealing with the potential for an economic slowdown that could hurt demand for oil.

Just over a week ago, on April 12, WTI settled at $83.26, the highest front-month contract finish since November 2022.

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Oil prices at three-week low as strong dollar, rate hikes weighOil prices fell to their lowest in about three weeks on Thursday, depressed by a firmer dollar and rate hike expectations which outweighed lower U.S. crude stocks.
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