The world has witnessed the worst ever crisis in Oil market amid fears of Coronavirus.
LAHORE: (UrduPoint/Pakistan Point News-April 21st, 2020) Oil crash has become top trend on Twitter, trigging debates and comments over crash prices of oil in international market amid fears of Coronavirus here on Tuesday.
People are making different comments and saying that the situation arose out of Coronavirus pandemic has been seen for the first time.
“Today, #WTI crashed from an open of $17.85/ barrel to a low of -$40.32/ barrel. What is going? Oil storage tanks are full to the brim. Mark this day on your Calendar. You will never see a day like it again,” Prof. Steve Hanke tweeted.
Another Twitterati wrote: “Netflix subscription is more expensive than a barrel of oil,”.
There is no one to buy oil in international markets after this shocking incident of oil crash in humans history. Another user, therefore, made an interesting comments reflecting on the whole situation. He wrote: “Just ordered 10$ worth crude oil for future,”.
According to US media reports, US oil prices plunged, falling below $0 Monday to $-37.63 a barrel which is the lowest level since NYMEX opened oil futures trading in 1983. They said that the selloff could be attributed in part to market mechanics. The May futures contract for West Texas Intermediate, the US benchmark, is about to expire. Most investors are already focusing on the June contract, thinning out trading volume and feeding volatility.
