Quote:
Originally Posted by Donger
U.S. crude prices plunged to their lowest level in more than 30 years on Monday as traders continue to fret over a slump in demand due to the coronavirus pandemic. The price of the nearest oil futures contract, which expires Tuesday, was the hardest hit, detaching from later month futures contracts with a drop of more than 30%. This suggests that some believe there could be a recovery later in the year.
West Texas Intermediate crude for May delivery tanked 42.2%, or $7.75, to $10.52 per barrel.
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I assume Russia and Middle east oil producers can deal with this situation longer/better than the US industry but this not my forte.