Oil again cheaper $ 20
On Monday, April 27, the oil market returned to decline. The price of Brent fell 8% below $ 20, and the American brand WTI dropped to $ 12, having fallen in price by 23%.
The reason for the fall was the news about the imminent filling of a 100% oil storage in Cushing USA. Traders fear the repetition of negative prices and try to get out of a dangerous asset in advance. At the same time, not only current, but also June futures fell, which indicates the expectation of a protracted economic recovery.
The problem with the lack of storage facilities for oil is now most acute in the United States, but in other countries the warehouses will soon expire. The Russian Federation has already announced the possible burning of excess oil.