The West Texas Intermediate (WTI) crude crude crude prices plunged, this Monday, April 20 in negative, under $ 0, a historic level never reached. According to American media, traders continue to worry about a drop in demand due to the coronavirus pandemic. The barrel of WTI finished at -37.63 dollars.
Under the effect of the coronavirus which caused a stop of activity of several key economic and commercial sectors, the offer on the American oil market has become surplus which explains this historic fall.
“The American barrel is worth nothing,” said the AFP agency, to say that investors and speculators seek desperately to get rid of certain barrels of American oil in a saturated market, now pay to find lessee.
Note that the barrel listed in New York was still exchanging at 60 dollars at the start of the year.
