The price of oil in the US fell below zero. Customers are required to remove it
The price of US oil plummeted today. It even broke the $0 per barrel. Merchants are willing to pay customers for taking the oil.
Zero-interest in sales has caused panic in the world oil markets. The coronavirus pandemic has virtually halted the market. The price per barrel of US Brent oil has gradually dropped even below zero, the media reports.
CNN warns that there is skepticism in world markets. Investors are terrified when other companies announce how much the global pandemic has hit them.
On the NYMEX New York Stock Exchange, oil prices fell the lowest since trading began in 1983. They are negotiating a future commodity exchange. Monday steep slump came shortly after the cost of US oil in fell to eighteen years low, CNN recalls.
Nor did the agreement between the largest oil producers, who nodded to a significant reduction in oil production, helped. This step failed to counterbalance the vast fall in demand for this ever-desired commodity.
US stock futures indicate an initial drop of more than 2%. Senate has not approved another support package of measures
US index futures indicate an initial decline in local markets after the commencement of proper trading by about 2-2.5%.
That made the Stock market to even stop the market with Oil, thanks to the oil price today. The leading cause of the negative mood is the ongoing problems of oil. Also, the fall of some futures to negative values. The May contract for the American WTI after the morning wise headed again to negative values. Yesterday ended with a price of around -37.63 USD. Longer-term agreements are also falling, with futures on Brent losing approximately 10%. The raw materials on the market are in general surplus. Also, the storage capacities are decreasing. The OPEC ++ reduction diet will not start until May and will not be sufficient anyway. The prospects of the oil market are not rosy at all.
Today’s June contract weakens by almost 20% to $16.44 per barrel. Also some corporate negative results for 1Q year, led by IBM. Today, the market is awaiting results from companies like Coca-Cola, Netflix, or Chipotle.
US President Donald Trump announced that he would stop all immigration to the US due to coronavirus. The Senate failed to agree on further coronavirus support steps.