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Currently the world is witnessing an unprecedented collapse of the oil price chart as we see oil stocks tumble into the negatives. On Monday the oil chart analysis started off with WTI futures falling a whopping 42% down to $10.52 per barrel. Then the oil price analysis continued to demonstrate rapid downward movement, quickly reaching the mark of $10.01 per barrel, which was as low as it’s been since 1986.
However, the disastrous trend didn’t stop there and by the end of the day the crude oil stocks analysis had shown an over 100% percent drop. At its lowest, oil prices were down to a record-breaking negative $37.63.
Lack of oil storage, reduced consumption due to the global pandemic as well as the longstanding oil price war have all contributed to this phenomenon. Watch the full video to see what this may imply for the oil price forecast.
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