Monday, January 25, 2021

Tag: Oil prices crash to $10 per barrel for first time in 21st century

Oil prices crash to $10 per barrel for first time in 21st century

from RT:

A gruesome combination of crumbling demand for crude and global storage filled to its brim has pushed oil prices to levels not seen in over two decades.

US benchmark, West Texas Intermediate, has fallen to the $10 range as global economies remain on lockdown due to the Covid-19 pandemic, crushing crude demand. To add insult to injury, global oil storage is reaching its limits. The situation is so dire, in fact, that the Department of Energy is even considering paying domestic oil producers to keep crude in the ground.