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» Negocie Criptomoedas | Negocie Bitcoin | 200x alavancagem
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» Oil prices turned negative.
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» OPEC likely to keep oil supply curbs for whole of 2018
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Oil prices turned negative.

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Oil prices turned negative. Empty Oil prices turned negative.

Post  Admin Mon Apr 20, 2020 11:26 pm

Oil prices turned negative. Hundreds of US oil companies could go bankrupt.
New York (CNN Business)The American oil industry is facing a doomsday scenario.

The coronavirus pandemic has caused oil demand to drop so rapidly that the world is running out of room to store barrels. At the same time, Russia and Saudi Arabia flooded the world with excess supply.
That double black swan has caused oil prices to collapse to levels that make it impossible for US shale oil companies to make money. US crude for May delivery turned negative on Monday -- something that has never happened since NYMEX oil futures began trading in 1983. It was easily the oil market's worst day on record.
US crude for June delivery is still trading above $20 a barrel -- but even that's disastrous.
"$30 is already quite bad, but once you get to $20 or even $10, it's a complete nightmare," said Artem Abramov, head of shale research at Rystad Energy.
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