Oil plunges below zero for first time in US History
Oil fell to Zero USD a barrel on Tuesday , pressured by reports suggesting persistent oversupply and collapsing demand due to global coronavirus-related lockdowns in US and other countries.
Brent crude fell $1.49, or 5 per cent, to $28.11 a barrel as of 0827 GMT, giving up an earlier gain. US West Texas Intermediate crude slid 51 cents, or 2.5 per cent, to $19.60.
all the wild, unprecedented swings in financial markets since the coronavirus pandemic broke out, none has been more jaw-dropping than Monday’s collapse in a key segment of U.S. oil trading.
The price on the futures contract for West Texas crude that is due to expire Tuesday fell into negative territory — minus $37.63 a barrel. That’s right, sellers were actually paying buyers to take the stuff off their hands. The reason: with the pandemic bringing the economy to a stands ..
China doesn’t release official data on flows into strategic and commercial stockpiles, but an estimate can be made by subtracting the amount of crude processed by refineries from the total volume of oil available from both imports and domestic output.
China’s crude oil imports were 10.2 million barrels per day (bpd) in the first three months of the year, according to customs data.