American crude fell below zero, suffering the worst fall
In the global market, American crude has fallen below zero levels, suffering the worst fall.
During the global market trading, US crude oil West Texas Intermediate (WTI) prices saw an incredible decline of 107% and WTI crude oil prices entered the negative zone and has continued to decline.
Brent crude oil, on the other hand, is stable at $ 25.62 a barrel, while global gas prices are up 6% at $ 1 87 cents.
Canadian crude oil prices have also fallen by less than a dollar a barrel after which Canada’s oil production has begun to stop.
It is to be noted that since the Corona crisis worldwide, oil prices have been in constant decline since January this year.
Saudi Arabia and Russia have signed an agreement to reduce oil production in recent days, which aims to reduce oil production in order to stabilize oil prices.
Oil prices also saw a rise after contract news surfaced, but analysts said production was still higher than demand.