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HONG KONG: The unprecedented drop in the United States oil futures is rippling through the world’s exchange-traded fund (ETF) market, with the latest example in Hong Kong.
SHANGHAI/SINGAPORE/NEW YORK: The crash in U.S. crude prices has turned a reliable commodity less than worthless and given fresh urgency to bearish voices, who say it sounds alarm bells for global growth and are bracing for a catastrophic collapse in asset prices.
NEW YORK: Brent oil futures prices plunged again on Tuesday, extending oil market panic into a second day with no end in sight to a swelling global crude glut as the coronavirus pandemic has obliterated demand for fuel.
The crash in the US oil futures spot market is not only a grim indication of what is to happen to oil prices in the next few months. It tears away the aura of invincibility that oil has always held in the commodity world.
LONDON: Benchmark Brent and US oil futures for June delivery plunged to around two-decade lows yesterday, a day after US May futures sank into negative territory for the first time in history, as demand tumbled due to the coronavirus crisis.
This comes as the country seeks to benefit from plunging oil price
SINGAPORE/WASHINGTON: U.S. crude oil bounced back into positive territory on Tuesday, after a historic plunge below zero that shocked investors and pushed down stock prices and Asian currencies
Traders desperate to avoid owning oil fled the markets on Monday, sending crude futures into negative territory for the first time ever, in recognition that the coronavirus pandemic has sapped demand for fuel and there is not enough storage for the massive glut of oil present on U.S. soil.
SEOUL: U.S. crude oil jumped over US$20 per barrel on Tuesday but still traded below $0 after plunging into negative territory for the first time in history, dragged down by a supply glut and sagging demand for crude due to the coronavirus pandemic.
(Reuters) - Traders fled from the expiring May U.S. oil futures contract in a frenzy on Monday, sending the contract into negative territory for the first time in history, as barely any buyers are willing to take delivery of oil barrels because there is no place to put the crude.