Brent Crude Falls Below $30, Threatens 16-Year Lows [The Motley Fool]
Royal Dutch Shell PLC Royal Dutch Shell PLC American Depositary Shares (Each representing two Class B Ordinary Shares) (RDS.B)
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Source: The Motley Fool
Brent crude oil futures fell almost % on March 6, sending the most important global oil price benchmark below $0 for the first time since Feb. , 06, when it closed at $8.8 per barrel. The major U.S. benchmark, West Texas Intermediate, joined Brent in the rout, falling almost 0% to $8.6 per barrel. That puts both Brent and West Texas crude down more than % since early January, one of the fastest 0% drops for crude oil in decades. Consumers may be the only winners in the 00 oil price war. Image source: Getty Images. Oil price war making for a race to the bottom What a difference a couple of months make. Going back to early 00, expectations were the global oil demand would grow modestly in 00 under relatively strong economic prospects. By early February, the outbreak and spread of the novel coronavirus that causes COVID-9 quickly changed those expectations, with the International Energy Agency one of the first to warn that global oil demand would likely fall in the first quarter In early
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