The prices of oil in the country have decreased to a 21-year low level since customers are locked down in the home and not using their vehicles for commuting. A recent report shows that prices of a barrel in West Texas Intermediate went down by approximately 14% to $15.65 per barrel. This significant drop was expected since the whole country is going through a pandemic situation created by a coronavirus outbreak. The US storage facilities are also getting weaker every day, and that’s also going to impact the further downfall of oil prices. The whole pandemic situation is badly affecting all over the country, which is the primary reason why investors in the commodity market are withdrawing their money.
The oil industry had been suffering from the downfall of prices before the pandemic situation arrived in the country. Because a few months ago, OPEC members decided to cut oil production by approximately 10%, which resulted in a larger downfall in prices. Meanwhile, there are some reports which show that storage places in the US might run out of their capacity pretty soon. Investors in the commodity market are already in fear because of a pandemic situation created by a deadly virus, which is affecting all the major economic factors of the country.
Experts said everyone currently knows the lousy condition of the oil market in the country, and the problem of not having a sufficient oil storage facility might also be the biggest reason for this recent fall in prices. In the European market also Brent oil, a benchmark used by them to trade oil, also went down by approximately 0.8% to $27.87 per barrel. The pandemic situation is making things harder for the US oil market, and experts believe this condition would be continuing for some more time.
The global heat transfer fluid market is poised to grow at a CAGR of 5.6%…
The Calcium Hypochlorite market is poised for substantial growth, projected to reach around USD 2317.9…
The Sodium Metabisulfite Market is poised for significant growth, with a projected value of USD…
activated alumina market size is expected to be worth around USD 1724 Million by 2033, from USD 1018.9 Million…
The bio fungicides market is poised for significant growth, with projections indicating a valuation of…
The hydrogen generation market is forecasted to see substantial growth, reaching USD 489.2 billion by…
The Hydrogen Peroxide Market, valued at USD 3.2 Billion in 2023, is projected to exhibit…
The global bauxite market exhibited significant value and growth trends over recent years. In 2022,…
The aerogel market has demonstrated significant growth, with its valuation reaching USD 876.5 million in…
biobased disinfectant market size was valued at USD 4.5 Billion and it is estimated to reach USD 8.7 billion…
The Concrete Sealer Market is poised for substantial growth, with projections estimating its value to…
The Ammonium Sulfate Market is poised for significant growth, projected to reach approximately USD 6.1…
The cathode material market, integral to advancements in battery technology, has been valued at USD…
The flat glass market, known for its essential role in various industries, is on a…
The Special Graphite Market, valued at USD 785.5 million in 2022, is projected to reach…
The Black Pellets Market is poised for significant growth, with a projected Compound Annual Growth…
The nanosized alumina market, valued at $3.0 billion in 2022, is expected to grow to…
The global methanol market is on a robust growth trajectory, with projections indicating a rise…
The E-Liquids market is set to experience remarkable growth, with a projected Compound Annual Growth…
The PVC market is anticipated to achieve a substantial valuation of USD 94.7 billion by…