Oil falls as oversupply threatens to send futures below zero again [Toronto Globe and Mail (Ontario, Canada)]
Cenovus Energy Inc (CVE)
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Source: Toronto Globe and Mail
Oil falls as oversupply threatens to send futures below zero again Oil pipes remain in storage on April 24, 2020 near Odessa, Texas. PAUL RATJE/AFP/Getty Images The price of a barrel of benchmark U.S. oil plunged below $0 a barrel on April 20, 2020 for the first time in history, a troubling sign of an unprecedented global energy glut as the coronavirus pandemic halts travel and curbs economic activity. But what do negative crude prices mean in the real world? Reuters Oil pipes remain in storage on April 24, 2020 near Odessa, Texas. Oil prices extended their dizzying drop on Tuesday as investors worried that falling demand for fuel and ever-shrinking storage capacity could pull crude futures back below zero for the second month in a row. Benchmark West Texas Intermediate crude fell by 3.4 per cent, after a 25-per-cent drop on Monday, adding to concerns for Canadian energy companies that face curtailing more than a million barrels a day of production and slashing more spending thi
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