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Oil Falls More Than 100%
The price of oil has plunged into negative territory for the first time in history this week. Crude continuous futures contract plunged more than 100% yesterday to – $40 per barrel. Despite rallying off the lows, crude still ended the day in negative territory yesterday for the first time on record. The dramatic sell-off in WTI prices comes amidst an intensification of concerns around the excess supply in the market.
OPEC+ recently agreed on proposals to cut a further 9.7 million barrels per day from the market. However, with lock-downs still in place around the world and recessionary fears building, the measures appear to have fallen short of reassuring the market which has collapsed in the last 24 hours.
EIA Inventories Rising into Record Territory
The latest inventory figures out of the US have reflected this excess supply glut with EIA reported inventories rising further into...
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