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Prices remain well above zero for oil elsewhere in the world and for deliveries further into the future, which analysts consider to be closer to the "true" price of crude. But they also slid sharply Tuesday on the same ultimate concern: A global economy incapacitated by the virus outbreak doesn't need to burn as much fuel. Airplanes are parked, cars are garaged and factories are idled with millions of workers losing their jobs every week.
But the data coming in on the economy in the here and now continues to be dismal, and pessimists say the market's rally has been overdone. A report Tuesday showed that sales of previously occuppied homes in the United States fell last month to its steepest drop since 2015. Because of the collapse in demand, storage tanks for oil are close to the brim at a key energy hub in Oklahoma. That has traders willing to pay others to take delivery of that oil in May, so long as they also take the burden of figuring out where to put it.
The economic recovery will be more disastrous than the ChineseVirus
Gas in my area has risen 12 cents/liter in my area in the past 2 weeks. 64.9 cents. now 76.9 cents/liters. Keeps going up.
And yet at the pump no change the prices still at the old price.
The people are returning to greener ways and there was very pollution when they were using vehicles and taking petrol at high prices now they want to live in this air where not only they bit the birds are taking a breathe of oxygen...
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