NEW YORK: US crude futures plunged more than 85% on Monday to the lowest price on record as storage space for U.S. crude was filling up, discouraging buyers even as weak economic data from Germany and Japan cast doubt on when fuel consumption will recover.
Physical demand for crude has dried up, creating a global supply glut as billions of people stay home to slow the spread of the novel coronavirus.
The May U.S. WTI contract fell $17.37, or 99%, to $0.15 a barrel at 1.50 PM EDT after touching an all-time low of $2.26. Brent was down $1.76, or 6.3%, to $26.32 a barrel.
Meanwhile, Twitter is currently filled with different opinions from different persons..
See below…
https://twitter.com/Sareef_aadmi/status/1252310822098960391?s=19
Meanwhile, Nigerians are buying petrol at the reduced price of 125 naira per litre while it should be far below the price……… Let’s keep watching.
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