US Oil Prices Plummet
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US oil prices have gone into the negative territory for the first time in history. As Americans nationwide continue to stay at home due to the coronavirus, collapse in oil demand leaves traders with the unwanted resource. “This summer is dead on arrival. The biggest demand months are not going to happen,” Stephen Schork, editor of oil-market newsletter, The Schork Report, stated.
Donald Trump downplays historic oil price drop as a ’short term’ problem
US president Donald Trump has sought to downplay the oil price crash as the market collapsed into negative territory. ‘It’s for the short term. A lot of people got caught’, Trump said during his daily coronavirus briefing. He added: ‘Nobody’s ever heard of negative oil before,’ before reassuring that ‘it’s for a short term'. North America’s oil producers have run out of space to store an unprecedented oversupply of crude left by the reduced demand during the pandemic. Trump says he will look into stopping oil shipments from Saudi Arabia, and that his administration will either ask Congress for permission to buy oil, ‘or we will store it’
- Oil Futures Go Negative For The First Time Ever Amid Pandemic | All In | MSNBC link
- 'This Is A Great Time To Buy Oil': Trump Reacts To Prices Entering Negative Territory | MSNBC link
- Trump tries to ease concerns over plummeting oil prices link
- Negative Oil Prices 'a Huge Red Flag,' CIBC Private WM Says link
Donald Trump to curb oil prices crash by filling up US national reserves to max
OIL prices in America have plummeted to a historic low amid the coronavirus pandemic.
- Hundreds of US oil companies could go bankrupt link
Coronavirus: oil price collapses as demand falls further - BBC News
The price of oil has plunged further as the coronavirus pandemic leads to falls in demand around the world. In the United States some oil prices turned negative - with oil producers in effect paying buyers to take supplies.
- Price of a barrel of oil crashes to historic low - with some trading at minus link
- Major oil ETF sees huge volumes as crude prices collapse - What could be ahead for the space link