ANZ Bank
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| Address | Main St, Luganville, Vanuatu |
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| Hours | Closed ⋅ Opens 9AM |
| Phone | +678 36711 |
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| ID | 1307555 |
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U. S. oil prices fall to 21-year low as demand dries up
The Price of U.S. oil is not seen on A Level since 1999, as demand dries up and storage.
The Price of a barrel of West Texas Intermediate (WTI), the benchmark for U.S. oil fell by 14% to $15. 65 in Asian trading on Monday.
The oil market, which is under strong pressure during the Corona-Virus-pandemic, with a huge slump in demand.
U.S. storage facilities are now struggling to cope with it, the glut of oil, weakening prices further.
The oil-fighting industry has with the two tumbling-demand and in-fighting between producers on the reduction of the output. Earlier this month, Opec members and the allies a record contract finally agreed slash global production of about 10%. The Deal was the largest ever cut in oil production that was ever made.
not said But some analysts, the cuts were big enough to make a difference. "It didn't recognize taken a long time for The Market that the OPEC+ offering will not be sufficient in its current form, in order to balance the oil markets," said Stephen Innes, chief global market strategist at Axicorp.
to assemble, meanwhile, worry that the bearings run out of capacity in the United States, capacity, inventory levels in Cushing, which is the main point of the issue in the United States for oil, will increase by nearly 50% since the beginning of March, according to Anz Bank . "We hold the hope of a recovery later in the year," The Bank said in its research note.
"It's a dump, of all costs as No One and I mean No One wants the supply of oil with Cushing storage facilities, the complete minute-by-minute," added Mr Innes.
Brent crude, the benchmark used by Europe and the rest of The World , was slightly weaker, down 0. 8% to $27. 87 per barrel.
oil, coronavirus pandemic, oil & gas industry, opec
Source of news: bbc.com