Biggest ever drop in crude oil prices in New York

Biggest ever drop in crude oil prices in New York
The worldwide infection of the corona virus has led to a drop in crude oil prices. New York has recorded the biggest drop in crude oil prices.

On April 20, there was an uproar in the New York Oil Market, where oil prices fell so much that crude oil became cheaper than bottled water. Let us tell you that the fall in crude oil prices is for the supply in the month of May.

Record fall in crude oil prices

The US benchmark fell to a record low and oil prices for May fell to $ 1.50 a barrel at once. This was a 90 per cent drop in crude oil prices in a single day.

Price drop for the month of may

Let us tell you that the contract for supply of crude oil in May is to end on April 21, but buyers of oil are not being found. Because large population of the world is currently locked in homes and many countries of the world are not using oil.

During the trading session, prices continued to fall in the market. The crude oil contract in May slipped 301.97 percent to US benchmark West Texas Intermediate in New York on Monday and closed at $ 36.90 a barrel. Crude oil prices supplied in May were a maximum of $ 17.85 per barrel and a minimum of $ 37.63 per barrel. The market finally closed at $ 37.63 per barrel. This is the first time crude oil prices in New York have turned negative.

No use of old oil, no storage space

The fall in crude oil prices does not mean that oil has become cheaper today or tomorrow. In fact, contracts awarded for the supply of crude oil in May have now become negative. Oil sellers are asking the countries of the world to buy oil, but the countries that spend oil do not need it, because their billions of population are sitting in homes, so they are not buying oil. Their oil reserves are full, due to lack of old oil they do not have space to store new oil. So they are not buying oil.

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