After falling into negative territory for the first time in history amid record trading volumes, U.S. crude futures rose 20% as contracts for May delivery expired and the June contract became the front month.Brent crude LCOc1, which settled down 24% in the previous session, was up 4 cents at $19.37 a barrel after rising more than $1 earlier.
“Global markets are struggling mightily with a temporary but overwhelming demand drop due to the coronavirus pandemic,” said Stephen Innes, global markets strategist at AxiCorp, warning that prices could tumble further as storage fills up. Oil prices have slumped over 70% this year as the coronavirus has slashed demand for everything from jet fuel to gasoline, while storage tanks around the globe are filling rapidly.
The volatility in the oil market has prompted CME Group, the world’s biggest commodities exchange, to raise margins on crude oil futures. Giving some support to prices, the U.S. Senate on Tuesday approved nearly $500 billion in added support for the U.S. economy and hospitals and will send the measure to the House of Representatives for final passage later this week.
Source: News Formal (newsformal.com)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Brent contract slumps 20% as world reacts to negative oil pricesBrent for June delivery undefined fell over 20% on Tuesday, as traders continued to react to the shock of seeing the May light sweet crude contract undefined...
Source: MarketWatch - 🏆 3. / 97 Read more »
US oil prices crash to their lowest level in over 20 years as storage runs outU.S. oil prices tumbled to their lowest level in more than 20 years on Monday, with crude storage facilities filling rapidly. Tells you how we have normalized this corrupt regime. No one cares about gas. At this point we all want sanity and a peace of mind. We need to take the wheel from this radical right wing deep state coupe we currently have. It’s killed thousands from inaction. The Senate is rouge. Due to low demand, prices getting lower fastly Well if we calculate the the inflation comparing to 1998 its the lowest recorded level
Source: CNBC - 🏆 12. / 72 Read more »
Oil price crash: Record amounts of oil stored in tankers amid pandemic - Business Insider60% more oil is being stored at sea in oil tankers than the previous record high during the 2009 financial crisis. Wow What could go wrong? Brilliant moves because buying on the spot Market is going to mean huge profits in the future... The Futures Market
Source: BusinessInsider - 🏆 729. / 51 Read more »
Crude oil is back above $1 after the oil market's worst day on recordThe global coronavirus pandemic has brought countries around the world to a standstill. Here's the latest updates on worldwide Covid-19 cases, deaths, government responses, and more. You’re reporting this but have no context into what it means. Sad. it's currently at -4.51 alternative energy is going to have a hard time competing.
Source: CNN - 🏆 4. / 95 Read more »
Popular oil ETF USO plunges by about 20% at lows after halt as crude prices extend ugly dropTrading in United States Oil Fund LP undefined, one of the most popular ways for retail investors to gain exposure to crude-oil futures undefined, plunged...
Source: MarketWatch - 🏆 3. / 97 Read more »
Oil price crashes into negative territory for the first time in history amid pandemicU.S. crude oil futures collapsed below $0 on Monday for the first time in history, amid a coronavirus-induced supply glut, ending the day at a stunning minus $37.63 a barrel as desperate traders paid to get rid of oil. *wampwamp* 😄😃😎😄😃 The oil bailouts should not exceed $1200.
Source: Reuters - 🏆 2. / 97 Read more »