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Industrial Valve Summit

Oil prices at the mercy of the coronavirus, glut in markets and storage facilities full

inNews 2021 oil&gas

Oil prices at the mercy of the coronavirus, glut in markets and storage facilities full

On Friday last week, the price of a barrel of crude oil in the USA was of $18.27 (€16.80). On Monday, it dropped to
minus $37.63 (€34) in a matter of hours, meaning that producers would have to ask buyers to get rid of their oil.

However, on Tuesday it recovered to $1.10.

The price of crude oil in the States has never fallen below $10.
It’s been a combination of no existing demand, lack of storage capacity and speculative investors.
As for comparison in January, a barrel of oil was $60 (€55).

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