Wall Street drops as U.S. producers can’t give crude away

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Wall Street drops as U.S. producers can’t give...
 © In-Cyprus 2020
Wall Street fell sharply on Monday after U.S. crude futures turned negative for the first time in history, underscoring the chaos the coronavirus pandemic has unleashed on the global economy.

The S&P energy index tumbled 4% after the front-month May U.S. West Texas Intermediate (WTI) contract turned negative – unprecedented in history – with sellers offering buyers $37.63 a barrel.

With much of the global economy suspended due to the coronavirus, physical demand for crude has dried up, creating a global supply glut as billions of people stay home.

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This article was automatically added to our system 20-4-2020

Wall Street drops as U.S. producers can’t give crude away


The contents of this article including any associated images are © In-Cyprus 2020
Views & opinions expressed in this article are those of the author and/or In-Cyprus .

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