Question

mention in about 200 words that, why crude oil prices went negative during april 2020​

Answer 1

Answer:

By the time most Indians woke up on Tuesday morning, crude oil prices had fallen below zero for the first time in history. A negative price suggests sellers were paying buyers to take deliveries in a bid to avoid incurring of storage cost, as oil demand crashed globally.

Monday's panic in the oil market was exacerbated by May futures, which were going to expire later on Tuesday.

Explanation:

hope u can understand

Answer 2

The crude oil prices went negative during April 2020​

• Explanation:
• In the first time ever, oil markets in the US reached lower zero in the face of a collapsing economy caused by a pandemic of coronavirus; supply still greatly exceeds demand even though major production by global organizations, cuts have happened.
• The spread of the coronavirus significantly reduced aviation and thus fuel usage. In recent weeks oil markets have plummeted, as travel restrictions & lockdown in the global fight against coronaviruses,  have pummeled demand for the commodity i.
• The crisis was intensified by a price war started with Russia who is a "non-OPEC member" & Saudi Arabia,  "kingpin of exporting" member of the OPEC . Moscow and Riyadh "drew a line under their dispute" decided to cut production along with other nations by about ten million barrels a day, boosting  the virus-affected markets ,
• However, prices have continued  to fall, with recent trends showing that cuts would not suffice to compensate for massive demand drops caused by the pandemic. In the "last few months", China had reduced its foreign oil imports by about a fifth. Oil demand has so collapsed due to the pandemic of coronavirus that that facilities for storing crude are nearly full

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Why oil prices are falling? And its impact on india? - Brainly.in

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