Business After Black Monday ... US oil rises with "strength"

After Black Monday … US oil rises with “strength”

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At the beginning of the session, the price of West Texas Intermediate crude for June delivery increased by 18.93 percent to 13.76 dollars per barrel, in the wake of heavy losses in New York on Tuesday.

The price of West Texas Intermediate crude for May delivery collapsed on Monday for the first time in history to below zero, recording minus $ 40.32 a barrel, after sellers had to pay buyers to receive crude oil from them in light of the storage facilities being full and the demand for black gold declined due to The implications of the epidemic.

For its part, the price of European benchmark Brent crude for June delivery rose 0.98 percent to 19.52 dollars a barrel after falling in Tuesday’s session to its lowest level in 18 years.

WTI crude prices collapsed, given that the May contract deadline expired on Tuesday, forcing traders to find buyers before this deadline expires.

This unprecedented deterioration was the result of the repercussions of the emerging Corona virus, which destroyed the global economy by forcing billions of people to stay with their homes to stop the outbreak, and by a price war between Russia and Saudi Arabia.

The price war led to a glut in US reserves, which negatively affected shale oil producers in the United States.

On Tuesday, the Organization of Petroleum Exporting Countries (OPEC) announced that many of its member states, in addition to other producing countries that do not belong to the organization, discussed through the video the “shocking situation” of the crude market, which was reflected in a historical decline in prices against the backdrop of the Covid-19 epidemic.

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At the beginning of the session, the price of West Texas Intermediate crude for June delivery increased by 18.93 percent to 13.76 dollars per barrel, in the wake of heavy losses in New York on Tuesday.

The price of West Texas Intermediate crude for May delivery collapsed on Monday for the first time in history to below zero, recording minus $ 40.32 a barrel, after sellers had to pay buyers to receive crude oil from them in light of the storage facilities being full and the demand for black gold declined due to The implications of the epidemic.

For its part, the price of European benchmark Brent crude for June delivery rose 0.98 percent to 19.52 dollars a barrel after falling in Tuesday’s session to its lowest level in 18 years.

WTI crude prices collapsed, given that the May contract deadline expired on Tuesday, forcing traders to find buyers before this deadline expires.

This unprecedented deterioration was the result of the repercussions of the emerging Corona virus, which destroyed the global economy by forcing billions of people to stay with their homes to stop the outbreak, and by a price war between Russia and Saudi Arabia.

The price war led to a glut in US reserves, which negatively affected shale oil producers in the United States.

On Tuesday, the Organization of Petroleum Exporting Countries (OPEC) announced that many of its member states, in addition to other producing countries that do not belong to the organization, discussed through the video the “shocking situation” of the crude market, which was reflected in a historical decline in prices against the backdrop of the Covid-19 epidemic.

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