U.S. Crude Oil Crashes to Lowest Levels Since June 1999

  • Date: 18-Apr-2020
  • Source: The Motley Fool
  • Sector:Oil & Gas
  • Country:Saudi Arabia
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U.S. Crude Oil Crashes to Lowest Levels Since June 1999

The massive global supply and demand imbalance continues sending oil prices lower.. On April 17, West Texas Intermediate futures for May delivery hit an intraday low of $17.31 per barrel.. The most at-risk companies in the sector continue to be independent oil producers.. Whiting and Diamond Offshore aren't the only companies in their sectors at risk.. Global oil giants are acting quickly to take more oil off the market.. Demand will recover as treatments for COVID-19 help reduce the health risk, but the massive glut of oil in storage could weigh on oil markets for the next year or more ..