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Crude collapse and the price disconnect

It is true that crude oil prices globally are under pressure due to excess supply and poor demand, thanks to the Covid-19 pandemic

Topics
Lockdown | Coronavirus | Economic outlook

Ashok Banerjee & Partha Ray 



Ashok Banerjee & Partha Ray

On April 20, the West Texas Intermediate (WTI) crude futures, the benchmark of America’s oil industry, for the month of May plunged to a negative $37.63 per barrel (bbl) on the New York Mercantile Exchange — a fall of more than $55 per bbl. The last time the US crude averaged less than $10 a bbl was in 1974. The Brent crude futures, on the other hand, did not fall so much on the same day. It is true that prices globally are under pressure due to excess supply and poor demand, thanks to the Covid-19 pandemic.

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First Published: Thu, April 23 2020. 23:40 IST

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