Today’s oil price drop is bigger than yesterday’s negative values

FORBES | Today’s oil price fall is much more important than yesterday’s negative values. The headlines on Monday, April 20 were big news, because it seemed counterintuitive that oil prices would turn negative. In truth, it simply meant that storage prices were too high for sellers to sell their May delivery oil for positive prices. This was a one-off circumstance drawing attention because of how strange it was. Even Russian oil minister Alexander Novak said on there is no need to dramatize the fall in U.S. oil futures.

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