U.S. crude WTI loses more than 192% and is at a lower level due to global demand crashing from the COVID-19 crisis.
That fall in the price of West Texas Intermediate (WTI) barrels, for delivery in May, which was last traded on Monday, lost more than 192% and stood at $0.52 a unit. In 2011, it was worth $114.
This collapse has occurred in a market devastated by free-falling demand and near-saturated U.S. reserves due to the pandemic crisis caused by the new coronavirus, called SARS-CoV-2, which is wreaking a real havoc among the American population.
Meanwhile, WTI’s future for june delivery moves slightly below $22 per barrel, implying a discount of no less than 98% for those that will be settled in two sessions.
The crash affected the New York Stock Exchange, which was listed in red: the Dow Jones was 1.04% and the Nasdaq won 0.14 after losing at the opening.
However, the North Sea Brent barrel, a reference for the European and global market, yielded 6.5% to $26.27 a barrel at 13:30 GMT.
The difference between the WTI and Brent barrels, and also with WTI’s futures, which are at $20 for delivery in June and $32 in November, is due to the lack of storage space that the United States is suffering for excess oil in the face of the market collapse that caused the coronavirus pandemic.
Info: hispantv
