US oil prices fell on Monday during Asian trading as traders continued to worry about declining demand due to the coronavirus pandemic - analysts called the situation in the US 'quite terrible'.
May West Texas Intermediate oil contract prices fell nearly 19% to $14.84 a barrel. Earlier, WTI fell to $14.47 a barrel, the lowest level since mid-March 1999, when it was trading at just $14.40 a barrel. Meanwhile, futures for Brent crude fell 2.42% to 27.40 dollars per barrel.
Daniel Hines, ANZ told CNBC in the Squawk Box on Monday that one of the reasons for the crater in US crude prices was the upcoming expiration of the May futures contract, which should expire on Tuesday. The June WTI contract fell about 6% to $23.57 a barrel.
=========
Trade with the Fibo Group!
#fibogroup #forex #forexnews #economy #finance #trader #crisis #US #crude #oil #WTI
May West Texas Intermediate oil contract prices fell nearly 19% to $14.84 a barrel. Earlier, WTI fell to $14.47 a barrel, the lowest level since mid-March 1999, when it was trading at just $14.40 a barrel. Meanwhile, futures for Brent crude fell 2.42% to 27.40 dollars per barrel.
Daniel Hines, ANZ told CNBC in the Squawk Box on Monday that one of the reasons for the crater in US crude prices was the upcoming expiration of the May futures contract, which should expire on Tuesday. The June WTI contract fell about 6% to $23.57 a barrel.
=========
Trade with the Fibo Group!
#fibogroup #forex #forexnews #economy #finance #trader #crisis #US #crude #oil #WTI
