Fri. Dec 4th, 2020

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Crude oil prices crashed repeatedly due to overabundance in supply

1 min read

Crude oil prices maintained its fall in Asia. Investors are troubled about retiring demand due to the COVID-19 catastrophe globally. Plentiful supply has already taken a large amount of casualties.

Condition is awfully frail. Worries are growing about the possibility of a second infectious wave.

The dramatic collapse seen in near-month US crude oil futures this week is spreading further down the calendar with June futures down below $12/barrel.

Forget the sub-zero oil price (futures) shock that upended all our notions of the geopolitics of oil and prompted commodities exchanges to incorporate negative pricing in their software. Instead, follow the progress of Awtad, Jana, Aslaf and Lulu as they head to the United States. These supertankers, carrying 2 million barrels of crude oil each, are currently steaming their way to the US to dump their oil.


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