Oil market in turmoil as equities slump | Malay Mail

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. — Reuters pic

In Tuesday trading, New York’s light sweet crude West Texas Intermediate for May delivery clawed back to minus US$3.91 per barrel. “Ever thought that it could be imaginable to see the price of US oil valued at less than a pizza? Or even a slice of pizza? How about for it to actually cost to sell US crude?” said Jameel Ahmad, head of currency strategy and market research at FXTM.

Elsewhere today, European benchmark Brent North Sea oil for June delivery tumbled to an 18-year low at US$18.10 per barrel, before shooting back up to US$21.08 in volatile deals. While the two massive oil producing nations have drawn a line under the dispute and agreed with other countries to slash output by almost 10 million barrels a day, that is not enough to offset the lack of demand.Equity markets were meanwhile deep in the red today, having enjoyed a healthy couple of weeks thanks to massive stimulus measures and signs of an easing in the rate of new infections globally.

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.

Negative US$40 oil reflects panic ― and US crude market economic reality | Malay MailNEW YORK, April 21 ― Traders desperate to avoid owning oil fled the markets yesterday, sending crude futures into negative territory for the first time ever, in recognition that the coronavirus pandemic has sapped demand for fuel and there is not enough storage for the massive glut of oil present...
Source: malaymail - 🏆 1. / 86 Read more »

Tokyo stocks open lower on oil price plunge | Malay MailTOKYO, April 21 ― Tokyo stocks opened lower today, tracking falls on Wall Street as investor sentiment worsened on plunging oil prices. The benchmark Nikkei 225 index was down 0.96 per cent or 188.84 points at 19,480.28 in early trade, while the broader Topix Index fell 0.94 per cent or 13.46...
Source: malaymail - 🏆 1. / 86 Read more »