Brent crude rebounds from 2-decade low as the global oil rout stabilizes
- Brent crude oil dropped to a two-decade low Wednesday, trading at as low as $15.98 a barrel as the global oil rout continued. It then rebounded, settling 6.8% higher, at $20.64.
- One analyst said Brent prices were unlikely to turn negative — as WTI crude oil contracts for May did earlier this week — but could hit zero if storage concerns persisted.
- “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 person said.
- Track the price of oil live with Markets Insider.
International oil prices continued to slide Wednesday, with Brent crude falling below $16, a more than two-decade low, as demand for the commodity slumps thanks to the coronavirus pandemic.
The weak trading followed a 24% drop on Tuesday for Brent amid increasingly negative sentiment surrounding West Texas Intermediate crude futures turning negative for the first time.
Brent continued to drop Wednesday, falling as much as 17%, to a low of $15.98 …continued .
[Source: Business Insider]