COVID-19 impact: Oil price plunges to historic low at -$37.63 as demand falls
NEW DELHI: A glut of oil supplies sent United States crude prices spiralling to a 22-year-low with Western Texas Intermediate (WTI) crude plummeting to below $12 a barrel, even as a futures trading scandal brought down one of the largest commodities traders — Singapore-based Hun Leong Trading Pte Ltd.Concerns over low demand and strains on fuel storage capacity saw WTI prices fall by nearly 40 per cent to $11.04 a barrel before correcting to $10.18 at 8:42 pm. However, US Brent traded at over $26.53 a barrel, according to the live ticker at dailyfx.com.
Meanwhile one of the fallouts of the continued fall in oil prices, which may have impacted commodity marketon Monday was news that Hin Leong hid about $800 million in losses on futures trading, according to news agencies. Its total accounting deficit stands at $3.34 billion.
