Tuesday, 21-April-2020. World Stocks retreated for a second straight day today as a collapse in U.S. crude prices and glum annual forecasts by companies foreshadowed the biggest economic slump since the 1929 Great Depression.
Yesterday’s historic crash in U.S. crude futures saw the front-month May contract, which expires today, settling at negative $37.63 a barrel as traders facing a dearth of storage space and customers scrambled to avoid taking delivery of barrels.
Brent crude futures plunged 25% today to the lowest in nearly two decades, a day after panicked traders sent U.S. oil negative price territory per barrel on fears of a historic glut due to the destruction of fuel demand by the coronavirus pandemic.
While that trade was anomalous, the steep decline in Brent and U.S. futures expiring in June showed the market remained worried that the overwhelming supply and weak demand will persist for weeks that signaled the Greatest Depression of all time.
DISCLAIMER: I'm not a Certified Financial Planner. Published herein is my personal opinion and should not be construed as a recommendation, an offer, or solicitation for the subscription, purchase or sale of any securities.
Related Topics:
What’s The Impact Of A Negative Oil Price?019 Financial Results
EEI FY2019 Financial Results
MRSGI FY2019 Financial Results
MPI FY2019 Financial Results
DMC FY2019 Financial Results
Will MPI Benefit The Government Stimulus Package?
Metro Pacific Investments Corp. (MPI) share price bottom?
What’s next for MPI?
Metro Pacific Investments Corp. (MPI)
DMCI Holdings, Inc. (DMC) FY2019 Financial Results
Please upvote and follow me on ----> https://steemit.com/@php-ph.
Please follow me on Facebook ------> Valencia, Bohol
Please follow me on Twitter ---------> Valencia, Bohol