World Stock Market Bloodbath On Oil Crash
Tuesday, 21-April-2020. World Stocks retreated for a second straight day today as a collapse in U.S. crude prices and glum annual forecasts by companies foreshadowed the biggest economic slump since the 1929 Great Depression.
Yesterday’s historic crash in U.S. crude futures saw the front-month May contract, which expires today, settling at negative $37.63 a barrel as traders facing a dearth of storage space and customers scrambled to avoid taking delivery of barrels.
Brent crude futures plunged 25% today to the lowest in nearly two decades, a day after panicked traders sent U.S. oil negative price territory per barrel on fears of a historic glut due to the destruction of fuel demand by the coronavirus pandemic.
While that trade was anomalous, the steep decline in Brent and U.S. futures expiring in June showed the market remained worried that the overwhelming supply and weak demand will persist for weeks that signaled the Greatest Depression of all time.
DISCLAIMER: I'm not a Certified Financial Planner. Published herein is my personal opinion and should not be construed as a recommendation, an offer, or solicitation for the subscription, purchase or sale of any securities.
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