After 22 years WTI US oil hits historical low of 11$
|WTI US OIL live price fall to 11$ per barrel
Oil price made second big crash today on this year 2020
The world lockdown due to coronavirus spread has impacted the oil market more.
Oil Price Reaches the historical lows. In 1986, Oil reached this lows for first time.
Next in 1998, Oil price reached this low price level and bounced back harder to 150$. But, it took 10 years to reach from 10$ to 150$ price.
The West Texas Intermediate (WTI) futures contract for delivery in May fell as much as 30 per cent to hit a low of $11.50 a barrel, the lowest since March 1998.
Oil held in storage in America, especially at Cushing, Oklahoma, the delivery point for the WTI light crude contract, is rising as refiners reduce activity as a result of the drop in oil usage due to coronavirus lockdowns.
The OPEC+ agreement between Saudi Arabia, Russia, and others, has only temporarily halted the sell-off.
However, implementation of the accord begins only in May and storage is filling up.
Moreover, the cut of around 10 million barrels per day seems insufficient amid a fall of double or triple in demand.
This further makes oil to fall around 30% today.
For Long term investors, This Current Oil price is very very cheaper price for investing at this time.
But As a retail traders you should have to be careful doing trades with oil at this moment due to huge historical volatility happening at the moment.
At this market conditions, you can expect big slippages and wide spreads in your brokerage trading account.
Please Don't trade all the time, trade only at best trade setup.
It is better to do nothing, instead of taking wrong trades.
We are here to help you for taking the trades only at best trade setup.
If you want more best forex signals, join Free at www.forexgdp.com
Thank you.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.