Markets fell on Monday as futures contracts for U.S. oil turned negative for the first time in history.The Dow Jones Industrial Average fell 2.2%, about 540 points, while the S&P 500 lost 1.6% and the Nasdaq Composite fell 1.0%.
WTI crude oil futures for May plunged to their lowest level in history—negative $6.75 per barrel—amid plummeting global demand. Despite a landmark deal between OPEC and its allies to cut global production by record levels, U.S. storage tanks areand traders are dumping the contracts, which expire tomorrow and are due to be delivered while the country is still on lockdown.
June futures for Brent crude, the benchmark for global oil prices, were down 8% to $25.83 per barrel. : Brent crude is priced in the middle of the North Sea, where tanker storage is ample and accessible, while WTI oil storage in the U.S. is limited as well as landlocked. Investors also awaited news from Washington that Congressional lawmakers had come to an agreement to replenish funds for the emergency loan program for small business; the Senate has scheduled a vote for Tuesday afternoon, but no deal has been reached.“The plunge in oil prices speaks to the decline of global growth as demand dries up,” says Dan Russo, chief market strategist at Chaikin Analytics. “This could be a concern for investors who were expecting a V-shaped recovery on the economic front.
OilPrice Crudeoil Oil OilCrash
So, gas gonna be more expensive or cheaper...
Which repug senator conducted inside trading with this news? Before making it public. Or should I say how many of the repug senators conducted inside trading?
What will this hold for Indian banks?
Less than 0.0$ 😱😱
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