U.S. oil benchmark below zero for first time in history – Egypttoday

U.S. oil benchmark below zero for first time in history – Egypttoday

Upon the data, the US crude oil has recorded its deepest decline since 1983.. The International Energy Agency recently expected oil demand to shrink by 23.1 million barrels per day in the second quarter of this year on an annual basis, and 9.3 million barrels per day during 2020.. It also expected a record contraction of supply in the oil market by 12 million barrels per day in May after the agreement to cut production.. Demand fears remain in light of the effects of "Corona" on the global economy.. Egypt's min. of agriculture, tourism & antiquities launch virtual tour at Zoological Museum.