Anonymous 04/20/20 (Mon) 12:39:24d597ca (17) No.8863379>>8863393 >>8863417 >>8863418 >>8863426 >>8863443

I don't see a notable on crude oil at 1.27. Just in case:

[link to markets.businessinsider.com (secure)]

Oil plunges 84% to nearly 4-decade low as sinking demand spurs uncertainty around storage

Oil prices plunged to a more than three-decade low on Monday as uncertainty mounted around storage of excess supply.

WTI crude oil futures expiring in May plunged as much as 71% to $5.32 a barrel, while Brent slid 7.4% to $26 a barrel at intrasession lows.

The coronavirus pandemic has torpedoed demand for the commodity, with fuel use in cars and planes slumping.

The commodity fallen over the past week even after OPEC and its allies agreed to a historic production cut intended to backstop prices.

The WTI market has entered contango, meaning spot prices are now lower than prices for future delivery of crude oil, a highly unusual occurrence.

Oil plunged to a more than three-decade low on Monday. The commodity's latest round of sharp selling comes as uncertainty mounts around storage for excess oil. Demand for crude has plummeted since the coronavirus outbreak has frozen activity worldwide.

The price of West Texas Intermediate crude oil futures expiring in May plunged as much as 84% to $2.99 a barrel, putting itpace for the lowest close on record, dating back to 1983. Brent crude losses were muted by comparison, with the commodity sliding 7.4% to $26 a barrel at intrasession lows.

The price of oil has continued to slide even after OPEC and its allies agreed to the biggest-ever production cut — one intended to backstop prices. Investors remain unconvinced the cuts can offset cratering demand for the commodity as the novel coronavirus keeps society from operating normally