Crude Oil Plunges Below Zero for First Time in Unprecedented Wipeout

Oil Production Cuts

The crude oil price on the futures contract for West Texas crude that is due to expire Tuesday fell into negative territory — minus $37.63 a barrel. The reason: with the pandemic bringing the economy to a standstill, there is so much unused oil sloshing around that American energy companies have run out of room to store it. And if there’s no place to put the oil, no one wants a crude contract that is about to come due.

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Crude Oil Plunges Below Zero for First Time in Unprecedented Wipeout via @goldsilverrepor

Crude Oil (WTI) Bullish Above $57 / MCX Above ₹4100 Only Buy – Neal Bhai Reports

Crude Oil (WTI) Bullish

Crude Oil prices will have a major impact on the direction that the Russian economy will take, according to the chief executive of the Russian Direct Investment Fund (RDIF), but the country’s alliance with major oil producer group OPEC (known as OPEC+) is “ready to act” if necessary, he said.

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Crude Oil (WTI) Bullish Above $57 / MCX Above ₹4100 Only Buy – Neal Bhai Reports via @goldsilverrepor