Oil & Energy

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Oil futures fell around 25% to a more than 18-year low on Wednesday as the impact of the Saudi Price War and Coronavirus pandemic caused mass exodus the day after option expiration. iIt was third worst day on record for oil futures.

Biggest Oil Price Drops

U.S. West Texas Intermediate crude fell 24.64%, or $6.63, to $20.32 per barrel. This was its lowest level since Feb. 2002.

The International benchmark Brent crude lost 14.1%, or $4.07, to trade at $24.67, its lowest level since 2003.

Oil is being donkey punched on both the supply and demand side.

A slowdown in worldwide travel and business activity is weighing on demand, At the same time Saudi Arabia and Russia prepare to ramp up production.

Source: TC, CNBC

From TradersCommunity Research

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