Watch CNBC TV18's Manisha Gupta explaining the factors behind the WTI historic crash, differences between WTI and Brent crude and why is WTI falling faster than Brent.
US oil prices crashed to record lows, falling into the negative territory for the first time. May contract for West Texas Intermediate (WTI), a benchmark for US oil, fell over 300 percent to trade at a negative $37.63.
Oil prices spiralled out of control primarily due to the steep collapse in demand as life came to a standstill due to lockdown in various countries to curb the spread of novel coronavirus, or COVID-19. The Russia, OPEC price war added additional crude inventory to an already oversupplied market.
Watch CNBC TV18's Manisha Gupta explaining the factors behind the WTI historic crash, differences between WTI and Brent crude and why is WTI falling faster than Brent.
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First Published on Apr 21, 2020 10:24 pm
