oil prices have fallen to $2 per barrel demand due to coronavirus related lockdowns

-

oil prices have fallen to  $0 per barrel demand due to coronavirus related lockdowns


U.S. oil benchmark crashes below $2 a barrel, on track for lowest close and biggest one-day fall on record




Global oil storage is currently reaching its limits, and while OPEC recently secured a 9 million barrel per day cut in production, the US Department of Energy is nevertheless weighing the idea of paying domestic producers to simply leave the oil in the ground so as not to further depress prices.

With May’s futures contracts set to expire on Tuesday, investors are scrambling to unload their positions, eyeing the already-glutted market and concerned about being left with a valueless commodity.

oil prices have fallen to 2 per barrel, reaching a new low for the US benchmark as the market continues to crater amid the general economic collapse.




Vanishing demand due to coronavirus-related lockdowns and travel restrictions and a glut of supply have combined to heavily tank the US benchmark fuel, as prices dropped from $18.27 to below $1 on Monday down over 90 percent from the previous day’s close.


Popular posts from this blog

Massive Drone Strikes Rock Ryazan: Explosions Hit Oil Refinery and Airbase Overnight

-
Image
 Massive Drone Strikes Rock Ryazan: Explosions Hit Oil Refinery and Airbase Overnight A series of powerful explosions shook the Russian city of Ryazan overnight, as drones targeted both the local oil refinery and the Dyagilevo airbase, according to multiple reports. The attacks triggered a massive blaze that illuminated the night sky, raising fears of escalating strikes deep inside Russia. 🔥 Explosions at the Ryazan Oil Refinery Eyewitnesses described multiple blasts and fireballs erupting near the catalytic cracking or hydrocracking unit — one of the most critical parts of the Ryazan Oil Refining Company complex. The refinery is among Russia’s largest, with an estimated annual output of 12–13 million tons of oil products, including gasoline, diesel, and jet fuel. Firefighting crews were deployed immediately, but flames reportedly spread across several sections of the industrial site. Local residents said they heard secondary explosions that may have come from fuel storage...
Read more

Passenger Jet Collides Midair with Helicopter Near Washington, Crashes into Potomac River

-
Image
P assenger Jet Collides Midair with Helicopter Near Washington, Crashes into Potomac River In a shocking turn of events on Wednesday, a passenger jet en route from Kansas collided midair with a military helicopter near Ronald Reagan Washington National Airport, sending the aircraft plummeting into the Potomac River. The White House has confirmed the incident, which triggered a large-scale emergency response and brought all flight operations in the area to an immediate halt. Emergency vehicles quickly descended upon the scene near the airport, with rescue teams and first responders working tirelessly to assess the situation and provide aid. Witnesses reported seeing thick smoke rising from the crash site as boats and helicopters joined the rescue efforts on the river. Federal Aviation Administration (FAA) officials have confirmed that all flights at Reagan National Airport were temporarily grounded to facilitate emergency operations and ensure the safety of passengers and personnel. Aut...
Read more

Pragyan Agra’s Hot Video: The Viral Sensation Taking Social Media by Storm

-
Image
Pragyan Agra’s Hot Video: The Viral Sensation Taking Social Media by Storm In the ever-evolving world of social media, where trends come and go at lightning speed, Pragyan Agra’s latest video has taken the internet by storm. With millions of views and thousands of shares, the viral clip has captured the attention of netizens across platforms like Instagram, TikTok, and YouTube. Let’s dive into why this video is trending and what makes it such a hot topic in the digital space. Pragyan Agra, known for their dynamic presence on social media, has been steadily growing their fanbase through engaging and creative content. While the exact details of the trending video are still under wraps, it appears to combine elements of humor, boldness, and relatability—three ingredients guaranteed to resonate with today’s internet audience. This particular clip, which surfaced a few days ago, has sparked endless debates and discussions, with some praising its originality while others call it controversia...
Read more