While low oil prices seem to be beneficial for a time, an analyst expressed worry as the price dip takes place at a time of ‘possible recession’ due to a global pandemic.
The Philippines is one country in Asia that is enjoying the temporary benefits of low oil prices as a net consumer and importer of oil. On Monday, US oil hit a negative territory with the WTI oil trading a -$37.60 per barrel, according to a report by CNN International. This was the first negative close in history.Driscoll said this scenario is unprecedented -- something oil companies have never seen before.
That's what you called chain reaction. What should you expect during this time of crisis?
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