 "Oil and gas price volatility likely to continue in 2021, say experts")
The oil and gas sector this year faced unprecedented headwinds, with West Texas Intermediate (WTI) crude oil prices entering negative territory for the first time in history.
This was driven by a global demand slowdown, induced by Covid-19 lockdowns in April.
WTI is used as a benchmark for crude oil sale in North America. It fell to minus $40 a barrel in April. This means producers were paying those with adequate space to keep crude oil. While Brent, the more popular global benchmark, and the Indian basket of crude oil did not reach those lows, there was significant pressure on refined products.
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