Post #20

Demand for oil is collapsing, and despite a deal by Saudi Arabia, Russia and other nations to cut production, the world is running out of places to put all the oil the industry keeps pumping out — about 100 million barrels a day. At the start of the year, oil sold for over $60 a barrel but by Friday it hit about $20. Prices went negative - meaning that anyone trying to sell a barrel would have to pay a buyer $30 - in part because of the way oil is traded. Futures contracts that require buyers to take possession of oil in May are expiring on Tuesday, and nobody wanted the oil because there was no place to store it. Contracts for June delivery were still trading for about $22 a barrel, down 16% for the day. https://www.bangkokpost.com/world/1904265/how-a-barrel-of-oil-came-to-be-worth-less-than-nothing