Macronomics: Crude May Be Negative But India’s Demand Just Fell Off a Cliff! » Capitalmind

Oil is the one commodity which impacts every consumer across the world. But something astonishing happened with oil in last couple of weeks. Oil prices went into a deep negative zone and traded at MINUS $37 per barrel in April 2020.

That means, effectively you paid someone $37 to take oil from you!
So What Really Happened to Oil ?
The Covid impact has meant that oil demand has fallen to a dramatic low.

The OPEC+ countries agreed to a historic 9.7 million barrel per day production cut.
According to

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