Oil Market In Turmoil As Equities Slump

An oil pumpjack operates in Signal Hill, south of Los Angeles, California on April 21, 2020, a day after oil prices dropped to below zero as the oil industry suffers steep falls in benchmark crudes due to the ongoing global coronavirus pandemic. Frederic J. BROWN / AFP.Oil-price turmoil gripped traders once more Tuesday, a day after US crude futures crashed below zero for the first time as the coronavirus crisis crippled global energy demand and worsened a supply glut.

Storage is a particularly big problem in the US where WTI oil is delivered at a single, inland point. In Europe, where Brent is the benchmark, there are several such points and their proximity to the sea allows some of it to be stored on tankers.This week’s massive sell-off came ahead of Tuesday’s expiry of the May contract. Most trading has now moved to the June contract, and May WTI was back in positive territory by the late European afternoon.

European benchmark Brent North Sea oil for June delivery tumbled to an 18-year low, before coming off worst levels in volatile deals. Oil markets have been ravaged this year after the pandemic was compounded by a price war between Saudi Arabia and Russia.

Dats good for Nigeria... make Joseph the prime minister over the affairs of ur economy, hell no,dey will use aboki.

Ikeoluw79053679 Wawu just wawu

Wow

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Premier League's transfer market bubble set to burstThe financial squeeze put on Premier League clubs by the coronavirus crisis could be felt across the continent in the coming months as the well to fund massive transfer fees runs dry.
Source: GuardianNigeria - 🏆 1. / 94 Read more »

Main market in Burkina capital reopens as virus lockdown lifts – Daily TrustIt was back to business at the sprawling central market of Ouagadougou, capital of Burkina Faso, on Monday after a closure of nearly a month in the face of the coronavirus pandemic. “It’s a joy to see the market reopen its doors,” said fabric dealer Boureima Compaore. “The situation was getting difficult for us.” As …
Source: Daily Trust - 🏆 13. / 51 Read more »

Mistrust and black market flourish in Nigeria as coronavirus spreads – Daily TrustA black market in coronavirus test kits is flourishing in Nigeria, spurred in part by negligible faith in the country’s health system to defeat an emerging threat. Testing is a crucial weapon in combatting COVID-19. It not only identifies where the stealthy virus has invaded — it also helps to prevent frontline workers, in health … Terrible time to be a doctor in Nigeria... The risk is high.
Source: Daily Trust - 🏆 13. / 51 Read more »