“The price for a barrel of West Texas Intermediate crude to be delivered next month plunged 93% to $1.21 in Monday’s trading, the lowest price since the futures contract was launched in 1983. If that barrel were to be delivered to a buyer in November, it would be worth more than twenty five times as much,” the Wall Street Journal reports.
“The unusually large difference in price between oil now and then has traders filling up tankers and setting them adrift. The bet is that the coronavirus pandemic runs its course and later this year demand for oil—and thus its price—will jump.”
Save to Favorites