US oil prices crash to their lowest level in over 20 years

US oil prices crash to their lowest level in over 20 years

U.S. crude prices plunged to their lowest level in more than 20 years on Monday as traders continue to fret over a slump in demand amid the COVID-19 pandemic. West Texas Intermediate crude for May delivery tanked 40% to $10.87 per barrel, its lowest level since Dec. 1998. Meanwhile, Brent crude traded 5.5% lower at $26.53 per barrel.

KCooper
KCooper
Rational
Rational 1 months

Good for the consumer but this will decimate the Shale industry in the US. Prepare for more layoffs and bankruptcies.

SomeGuyWhoDoesThings
SomeGuyWhoDoesThings 1 months

Saudi Arabia and Russia certainly aren’t helping matters by flooding the market. I’m pretty sure they see this as an opportunity to knock shale and fracking out of the industry with this, returning the US to dependence on foreign oil.

Enok
Enok 1 months

15min ago −3,70 dollar

Enok
Enok 1 months

The drop was all the way down to 0,19 dolllar.

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