Too much oil, nowhere to put it: US crude plunges to 1 cent a barrel – Arab News

Too much oil, nowhere to put it: US crude plunges to 1 cent a barrel – Arab News

Too much oil, nowhere to put it: US crude plunges to 1 cent a barrel /node/1662176/business-economy. When New York trading ended, WTI was in negative territory for the first time ever - minus $37.63 a barrel, as traders were forced to pay others to take it off their hands.. Researcher tells Arab News that dire oil market situation will continue unless US, Canada cut production. Saudi oil experts said that the global economy would need strong stimulus measures for oil prices to recover after a tumultuous start to the week.. "US daily production is around 13 million barrels per day, the reserve is at a record high, the economy is slowing, the unemployment rate is increasing and global risks are unpredictable, accelerating the crash of oil prices as we saw yesterday," he told Arab News.. We have a real slowdown in the global economy, and life has to go back to normal before seeing any increase in oil prices.". International oil expert Mohammed Al-Sabban told Arab News that a number of factors controlled oil prices and the most important of these was how fast the global economy recovered.. One of the key drivers for oil prices to increase was