'Prices could fall to zero': Brent crude drops to a 2-decade low as the global oil rout continues
Prices went negative on WTI as the futures contract for May expired, meaning that anyone holding a contract was obliged to take delivery of the oil. With storage limited, traders resorted to paying others to take the contracts off their hands.
Wilson warned: "That said, if global storage is running out – and that is what the Brent trade is starting to suggest – then there will be no bid and prices could hit zero" "The spread between the US Crude and Brent has started to narrow, nonetheless, the chances of Brent falling to zero, or below zero, are minimum. Having said this, the sell-off in oil is brutal, and it is highly likely that we are close enough to find a bottom," he said.
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