The Oil Market Doesn’t Need An Intervention

  • The Oil Market Doesn’t Need An Intervention
    The Oil Market Doesn’t Need An Intervention
In late spring, oil prices dipped below zero for the first time ever. Futures contracts for May delivery traded as low as negative $37 a barrel, as producers and speculators paid refineries and storage facilities to take excess crude off their hands. In some sense, this historic moment was inevitable. Oil markets are completely saturated. Worldwide coronavirus lockdowns have depressed energy…
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