Oil slides to lowest level in 18 years

Crude oil fell sharply on Monday, with US crude briefly dropping below $20 and Brent hitting its lowest level in 18 years, on the heightened fear that the global coronavirus shutdown could last months and demand for fuel could evaporate further.

“In the near term, oil prices may need to trade lower into the cash cost curve to trigger production shut-ins to start to prevent tank tops to be reached,” he said. An official from Saudi Arabia’s energy ministry said on Friday the kingdom was not in talks with Russia to balance oil markets despite rising pressure from Washington to stop the rout that has cut prices by more than 60% this year.

Yesssssss!!!

H for Hectic!

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