After Black Monday … US oil rises with “strength”

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New York Tuesday.

And it was WTI Crude The mediator for the delivery of the month of May collapsed on Monday for the first time in history to below zero, recording minus $ 40.32 a barrel, after the sellers had to pay buyers to receive crude oil from them in light of the storage facilities being full and the demand declined for black gold due to the repercussions of the epidemic.

For his part, the price rise Brent Crude The European standard for June delivery, 0.98 percent, to $ 19.52 a barrel, after falling in Tuesday’s session to its lowest level in 18 years.

It collapsed West Texas crude prices The broker, given that the May contract conclusion period expired, Tuesday, forcing dealers to find buyers before this deadline expires.

This unprecedented deterioration resulted from the consequences Corona virus emerging, Which destroyed the global economy by forcing billions of people into 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.

And 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 via video "Shocking situation" The crude market, which was reflected in a historical decline in prices against a background The Covid Epidemic-19.

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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 reach $ 13.76 a barrel, in the aftermath of heavy losses in New York Tuesday.

And it was WTI Crude The mediator for the delivery of the month of May collapsed on Monday for the first time in history to below zero, recording minus $ 40.32 a barrel, after the sellers had to pay buyers to receive crude oil from them in light of the storage facilities being full and the demand declined for black gold due to the repercussions of the epidemic.

For his part, the price rise Brent Crude The European standard for June delivery, 0.98 percent, to $ 19.52 a barrel, after falling in Tuesday’s session to its lowest level in 18 years.

It collapsed West Texas crude prices The broker, given that the May contract conclusion period expired, Tuesday, forcing dealers to find buyers before this deadline expires.

This unprecedented deterioration resulted from the consequences Corona virus emerging, Which destroyed the global economy by forcing billions of people into 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 background of The Covid Epidemic-19.



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