Oil Prices Nosedive
Prices of benchmark United States crude turned negative on 22nd April, dropping as low as -$40.32 per barrel before settling in the negative thirties. Oil prices have suffered their biggest fall since the day in 1991 when American forces launched air strikes on Iraqi troops following their invasion of Kuwait.
Why are Oil Prices Crashing?
- Competition between Oil Leaders: To a great extent, oil markets, globally and more so in the US, are facing an enormous glut. Historically, the Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, which is the largest exporter of crude oil in the ....
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