Washington – The Arabs today
Price jumped American raw With more than 14 percent in the Asian markets Wednesday morning, recording more than $ 14 a barrel, the day after incurring large losses. The reason for the losses was the sale of a tradable investment fund on the exchange, its short-term oil contracts, in the midst of growing concerns about the oversupply and the shortage in storage capacity. The price of West Texas Intermediate crude, also called “sweet light oil”, and is a reference in the pricing of American crude, rose by 14.2 percent, in the morning Asian trading session, to reach 14.09 dollars per barrel.
The losses of West Texas Intermediate barrel exceeded 21 percent during the trading session on Tuesday, after it declared “an oil fund.” United State“Tradable on the exchange, selling all of its future contracts for the month of June from this crude, and replacing them with long-term contracts, in a decision that put great pressure on crude contracts for June delivery. As for the Brent mix, which is a reference in pricing global raw materials, it rose on its part in Asian markets Wednesday morning, by 3.27 percent, to $ 21.13 a barrel. The oil market is facing a dilemma of a significant decrease in demand, due to the outbreak of the new Corona virus, in exchange for an abundance of supply.
The stores are quickly filled with black gold, raising fears of a full saturation of short-term reserves. Oil prices have collapsed in recent weeks, due to a decline in demand caused by restrictions and travel restrictions imposed in the world to combat the epidemic. During the past week, US crude fell for the first time in history to below zero due to an inventory glut that forced investors to pay to get rid of crude, and WTI closed May delivery in the April 20 session, minus $ 37.63 a barrel.
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