The biggest monthly and quarterly loss of oil ever

0
35


The measurement raw lost about two-thirds of their value over the first quarter, and most of the loss came from March’s 55% decline.The price of US West Texas Intermediate crude at the close of the month increased modestly by 2% on Tuesday, while Brent closed slightly lower.

Global fuel demand has been shattered by the travel restrictions imposed by the Corona pandemic. Major dealers and banks expect demand to decline between 20% and 30% in April, and weak consumption continues, with economic activity severely weakening for the next several months.The settlement price for a barrel of West Texas crude was set, up 39 cents to $ 20.48. US crude fell 54% in March and 66% in the first three months of the year, in its worst decline since the contract began trading in 1983.

Brent crude contracts for May delivery closed two years down to $ 22.74, before it expires. Global benchmark crude fell 66% in the first quarter and 55% in March, its worst quarterly and monthly decline ever. The more active June contract closed 7 cents down to $ 26.35.

“Coved took the oil market hostage,” said Michael Tran, managing director of energy strategy for RBC Capital Markets in New York. Usually searching, to no avail, for shelter. “

LEAVE A REPLY

Please enter your comment!
Please enter your name here