The oil glut

The crash in futures may not benefit India

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Business Standard Editorial Comment

3 min read Last Updated : Apr 22 2020 | 11:22 PM IST

The shock of “negative oil prices” has reverberated throughout the world, bringing home the nature of the current economic slowdown caused by Covid-19 and the measures to fight it. This week, one particular oil price — the price of West Texas Intermediate (WTI) crude oil, for delivery in May— fell as low as (-) $38 a barrel on April 20, the last day before they were due to expire. In other words, for some producers in the US, it was cheaper to pay people to take away the oil from Cushing, Oklahoma — the traditional and outdated hub for WTI

Topics : Coronavirus Lockdown Crude Oil Price Oil Prices US crude oil Indian oil import US shale oil output OPEC output

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