Nigeria man, Uche Benson has explain why united State of America (U.S.A) crude oil price crash bellow $0 per barrel.
Benson said the reason behind sudden crash of US crude price, is because of covid-19 pandemic lockdown.
He said no one is coming to buy US crude oil in Texas over fear of contracting covid-19.
He assure that if covid-19 pandemic is over, US crude oil price will bounced back in a few days.
He said “The reason the price is down is because no one is coming to the US to buy Texas crude because the location is landlocked and it will cost more to transport it and another factor is that the US is the epicenter of this pandemic, no one wants to take the risk of getting infected. Meanwhile, the Brent crude is around $26 in the international market, the price is determined North East ocean and it’s easier for buyers to transport to their destination, Brent has a better quality than Texas crude. There’s nothing to worry in the long-term because as soon as the economies of the world open up for business , the price will go up in just few days”
Recall the oil market analysis disclose that US oil price sudden crash to $0 per barrel this evening, against $10 per barrel when it was sold in the morning.
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