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