US oil prices fell sharply on Monday after the world’s largest oil-backed exchange traded fund began offloading all its short term contracts on fears of another plunge into negative territory.
West Texas Intermediate, the US oil price benchmark, fell below $0 last week for the first time ever in response to the slump in global demand for fuel triggered by the coronavirus pandemic.
The benchmark has recovered since last week’s fall, when sellers were paying buyers to take oil off their hands, moving back into positive territory.
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