Due to the current pandemic by COVID-19 the economy is to an all-time low.
The oil prices are below zero for the first time in history. In this article, we will talk about crude oil prices, West Texas Intermediate, oil stock price. So let’s get started.
Crude oil prices
Crude oil prices hit two-decade lows on low demand.
The June contract for US West Texas Intermediate (WTI) crude dropped 27 percent to $14.89 a barrel by 11:00 a.m. ET (1500 GMT), after hitting $11.79, its lowest since 1999.
Brent for June delivery, the front-month contract, fell to as low as $18.10, its lowest since November 2001. It was down 21 percent at $20.05.
For more information on the current crude oil prices:
West Texas Intermediate
It is a specific grade of crude oil and one of the main three benchmarks in oil pricing, along with Brent and Dubai Crude. WTI is known as a light sweet oil because it contains 0.24% sulfur, making it “sweet,” and has a low density, making it “light.” WTI is the oil benchmark for North America as it is sourced from the United States, primarily from the Permian Basin.
Historical Collapse Due to COVID-19
2020 saw the collapse of crude oil prices as demand disappeared due to the global shutdown that paralyzed the world’s economies. Oil prices fell more than 90%. On April 20, the May contract for WTI futures fell below zero for the first time, the day before the contract expired.
Oil stock price
Since the oil prices are to an all-time low or you can say they are negative for the first time in history it is good to buy shares. Energy stocks fall into that unloved category right now — oil prices are getting hit by a supply/demand imbalance.
Oil stock price of the big companies has also gone to an all-time low as well.
So if you are looking to buy a few, go ahead this is the best time.