Industry

WTI international oil price closed at $-37.63 a barrel

The price of West Texas Intermediate (WTI) crude oil with delivery for next month, which expires this Tuesday, fell 300% and closed in negative to $-37.63 per barrel. However, WTI futures with delivery in June, which expires on May 19, had a smaller drop and stand at around $21 per barrel. Deliveries from September onwards are already above $30 per barrel. The U.S. benchmark index is now disengaged from the Brent, the European oil benchmark, and the gap between the two has reached its highest level in a decade. With an oil market in a tailspin, demand for ethanol fell and the Chicago corn price, for its most active contract, hit a low of $3.13 per bushel, the lowest since 2009.

Source: Ámbito

Categories: Industry