WTI US OIL live price fall to 11$ per barrel
WTI Oil price made second big crash today on this year 2020
The world lockdown due to coronavirus spread has impacted the oil market more.
Oil Price Reaches the historical lows. In 1986, Oil reached this lows for first time.
Next in 1998, Oil price reached this low price level and bounced back harder to 150$. But, it took 10 years to reach from 10$ to 150$ price.
The West Texas Intermediate (WTI) futures contract for delivery in May fell as much as 30 per cent to hit a low of $11.50 a barrel, the lowest since March 1998.
Oil held in storage in America, especially at Cushing, Oklahoma, the delivery point for the WTI light crude oil contract, is rising as refiners reduce activity as a result of the drop in oil usage due to coronavirus lockdowns.
The OPEC+ agreement between Saudi Arabia, Russia, and others, has only temporarily halted the sell-off.
However, implementation of the accord begins only in May and storage is filling up.
Moreover, the cut of around 10 million barrels per day seems insufficient amid a fall of double or triple in demand.
This further makes oil to fall around 30% today.
For Long term investors, This Current Oil price is very very cheaper price for investing at this time.
But As a retail traders you should have to be careful doing trades with oil at this moment due to huge historical volatility happening at the moment.
At this market conditions, you can expect big slippages and wide spreads in your brokerage trading account.
Please note : Most of the forex brokers increased their margins requirement for trading due to the historical crash of oil markets which impacting world wide economy. Please don’t use high lot at this time. Trade safe with care.
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