{"id":347797,"date":"2020-04-21T12:29:08","date_gmt":"2020-04-21T06:59:08","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=347797"},"modified":"2020-04-21T12:29:08","modified_gmt":"2020-04-21T06:59:08","slug":"oil-is-dirt-cheap-wti-falls-to-11-per-barrel","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/oil-is-dirt-cheap-wti-falls-to-11-per-barrel\/","title":{"rendered":"Oil is dirt cheap, WTI falls to $11 per barrel"},"content":{"rendered":"<p>NEW YORK\/NEW DELHI : Oil plunged to the lowest level since 1986 as the coronavirus pandemic ravaged global economies.<\/p>\n<p>In New York, West Texas Intermediate (WTI) dropped by a staggering 43%, the most since the contract began trading in 1983, to $10.34 a barrel, the weakest level since 1986. The plunge was exaggerated as the May futures contract expires on Tuesday.<\/p>\n<p>Economic activity has ground to a halt as governments around the globe extend shutdowns to stem the swift spread of the coronavirus. Oil has faced its own knock-on effects with a market massively oversupplied and nowhere to store physical barrels. Despite the unprecedented output deal by Organization of the Petroleum Exporting Countries (Opec) and allied members a week ago to curb supply, it\u2019s become too little too late in the face of pandemic lockdowns reducing global crude demand by about a third.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NEW YORK\/NEW DELHI : Oil plunged to the lowest level since 1986 as the coronavirus pandemic ravaged global economies. In New York, West Texas Intermediate (WTI) dropped by a staggering 43%, the most since the contract began trading in 1983, to $10.34 a barrel, the weakest level since 1986. The plunge was exaggerated as the May futures contract expires on Tuesday. Economic activity has ground to a halt as governments around the globe extend shutdowns to stem the swift spread of the coronavirus. Oil has faced its own knock-on effects with a market massively oversupplied and nowhere to store physical [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[139,130,187],"tags":[],"class_list":["post-347797","post","type-post","status-publish","format-standard","hentry","category-live-mint","category-newspapers","category-oil-gas-live-mint"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/347797","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=347797"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/347797\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=347797"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=347797"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=347797"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}