SINGAPORE (Apr 24): The once-invincible black gold made history this week when it crashed into negative price territory, as sellers frantically signal that they are willing to pay buyers to rid themselves of the commodity on which kingdoms were built and wars fought.
On April 20, West Texas Intermediate (WTI) crude — the US benchmark — dropped well below zero to as low as –US$37.63/barrel for May futures.
As the Covid-19 pandemic continues to bring about lockdowns and destroy demand for transportation fuel, analysts believe that oil prices are likely to remain under pressure for the rest of 1HFY2020.
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