Question

Mention in about 200 words that, Why crude oil prices went negative during April 2020?

Answer 1

Answer:

The price of US oil has turned negative for the first time in history. That means oil producers are paying buyers to take the commodity off their hands over fears that storage capacity could run out in May. Demand for oil has all but dried up as lockdowns across the world have kept people inside.

Explanation:

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Answer 2

Answer:

•Oil storage around the world is filling up, fast. Onshore tanks in most parts of the U.S. are at capacity, and the rest of the world isn't far behind.

•If refineries ultimately don't want oil, it has little to no value. If you have oil and nowhere to put it, it can have negative value.

•Absent a sharp demand return, production will need to be reduced more rapidly than what's happening now.

for this reasons prices went negative during April 2020

Explanation:

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