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Oil market collapses again


April, 21 2020
watermark Economic news

The situation in the oil market has again become the focus of attention of traders. For the first time in history, the price of WTI crude oil fell below zero (- $40 per barrel). This means that oil sellers are ready to pay extra to the buyer in order to get rid of crude.


Brent crude oil today collapsed to around $19 per barrel, updating multi-year lows. Pressure on quotes continues to be exerted by a catastrophic drop in demand due to the economic damage caused by the coronavirus epidemic, as well as an increase in supply.


The collapse of prices continues, despite the recently concluded new OPEC+ deal, according to which the producing countries will reduce production by 9.7 million barrels per day. As practice has shown, these measures have proved futile in the face of an oversupply in the oil market. OPEC estimates that about 14.7 million barrels per day may be unclaimed in the second quarter of the year. As a result, sales in the oil market may continue in the near future.

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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.