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0 0 0.00243697478991602 0.00252100840336144 -0.00100840336134458 0.00747899159663866 0.0102941176470589 0.0206722689075631
Stock impact report

American oil is crashing because it has nowhere to go [CNN]

International Business Machines Corporation (IBM) 
Last international business machines corporation earnings: 4/20 04:08 pm Check Earnings Report
US:NYSE Investor Relations: ibm.com/investor
Company Research Source: CNN
American oil is crashing because it has nowhere to go A version of this story first appeared in CNN Business' Before the Bell newsletter. Not a subscriber? You can sign up right here . What's happening: US oil prices plunged more than 28% to nearly $13 per barrel on Monday, their lowest level since 1999. The selloff can be attributed in part to market mechanics. The May futures contract for West Texas International, the US benchmark, is about to expire. Most investors are already focusing on the June contract, thinning out trading volume and feeding volatility, UBS analyst Giovanni Staunovo told me. The June futures contract for WTI is trading close to $22 per barrel, but that's still more than 10% down on the day. Brent crude futures, the global benchmark, fell 3.8% Monday to $27 per barrel. The extreme pressure on the WTI contract for May highlights ongoing concerns about the supply and demand dynamics plaguing the oil market. "No one in America wants oil in the short term," Jef Show less Read more
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