{"id":64401,"date":"2020-04-21T18:21:59","date_gmt":"2020-04-21T13:21:59","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=64401"},"modified":"2020-04-21T18:22:00","modified_gmt":"2020-04-21T13:22:00","slug":"crude-oil-rates-fall-negative-in-us","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/crude-oil-rates-fall-negative-in-us.html","title":{"rendered":"Crude oil rates fall negative in US, plummet in international markets"},"content":{"rendered":"\n<p>Islamabad: In an unprecedented turn of events, the price of crude oil in the United States (US) has turned negative due to dried up demand in the wake of the ongoing COVID-19 pandemic, according to news sources. The US oil market crashed after registering a decrease of 107% with oil prices faring at USD 0.5 \u2013 their lowest recorded rate in the last four decades. <\/p>\n\n\n\n<p><strong>Read:<\/strong><a href=\"https:\/\/www.zameen.com\/news\/covid-19-govt-announces-pkr-1-2-tn-relief-package-petrol-prices-slashed-aid-for-4-months.html\"> <\/a><a href=\"https:\/\/www.zameen.com\/news\/covid-19-govt-announces-pkr-1-2-tn-relief-package-petrol-prices-slashed-aid-for-4-months.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">COVID-19: Govt announces PKR 1.2 tn relief package; slashed petrol prices, aid for 4 months<\/a><\/p>\n\n\n\n<p>The\nnegative oil prices are causing oil producers, globally, to pay buyers to take\nup the commodity due to stark storage capacity shortages. In an attempt to\naddress the problem, oil companies have resorted to renting tankers to house\ntheir surplus crude reserves. As per sources, the US benchmark West Texas\nIntermediate (WTI) for the May contract ended up trading at -$37.63 a barrel on\nTuesday.<\/p>\n\n\n\n<p>Corresponding with the domestic shock, the price of US-based crude oil performed only modestly better in the Asian markets. Brent <a href=\"https:\/\/www.zameen.com\/news\/savings-petroleum-import-govt-mulls-bringing-prices-down.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"oil prices (opens in a new tab)\">oil prices<\/a>, as such, have dropped to the price levels recorded in 2002 after undergoing a 10% decrease \u2013 with the new price figure faring at USD 24.53 per barrel. In the last 24 hours, the prices of oil fell by USD 3 per barrel.<\/p>\n\n\n\n<p> <strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/malaysia-invited-take-part-oil-gas-blocks-auction.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Malaysia invited to take part in oil, gas blocks auction (opens in a new tab)\">Malaysia invited to take part in oil, gas blocks auction<\/a><\/p>\n\n\n\n<p>Minister of Foreign Affairs&nbsp;Shah Mehmood Qureshi,\nwhile commenting on the situation, said that the drop in oil prices \u2018is\nshocking\u2019, but that \u2018it would translate into reduced oil prices in Pakistan.\nAccording to a reported estimate, a price decrease of as much as PKR 24 per\nlitre is expected in Pakistan. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>What is the difference between WTI and Brent Oil?<\/strong><\/h4>\n\n\n\n<p>While\nBrent crude oil is extracted from the North Sea, WTI is attained from US-based\noil mines located in the states of North Dakota, Louisiana and Texas. WTI has a\nlower sulphur content than Brent which makes it lighter of the two \u2013 making for\nits \u2018sweeter\u2019 colloquialism. <\/p>\n\n\n\n<p>The Organisation of Petroleum\nExporting Countries (OPEC) use the Brent oil price as the international\nbenchmark for designating crude oil rates, while the WTI crude price forms the\nbenchmark for American oil prices. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: In an unprecedented turn of events, the price of crude oil in the United States (US) has turned negative due to dried up demand in the wake of the ongoing COVID-19 pandemic, according to news sources. The US oil market crashed after registering a decrease of 107% with oil prices faring at USD 0.5 \u2013 their lowest recorded rate in the last four decades. Read: COVID-19: Govt announces PKR 1.2 tn relief package; slashed petrol prices, aid for 4 months The negative oil prices are causing oil producers, globally, to pay buyers to take up the commodity due to stark storage capacity shortages. In an attempt to address the problem, oil companies have resorted to renting tankers to house their surplus crude reserves. As per sources, the US benchmark West Texas Intermediate (WTI) for the May contract ended up trading at -$37.63 a barrel on Tuesday. Corresponding with the domestic shock, the price of US-based crude oil performed only modestly better in the Asian markets. Brent oil prices, as such, have dropped to the price levels recorded in 2002 after undergoing a 10% decrease \u2013 with the new price figure faring at USD 24.53 per barrel. In the last&hellip;<\/p>\n","protected":false},"author":75,"featured_media":64402,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15012,15016],"tags":[26892,26893],"persona":[],"class_list":{"0":"post-64401","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-allied-industries","8":"category-new-developments","9":"tag-crude-oil-rates-fall-negative-in-us","10":"tag-plummet-in-international-markets","11":"cat-15012-id","12":"cat-15016-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Crude oil rates fall negative in US - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: In an unprecedented turn of events, the price of crude oil in the United States (US) has turned negative due to dried up demand in the wake of\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/crude-oil-rates-fall-negative-in-us.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crude oil rates fall negative in US - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: In an unprecedented turn of events, the price of crude oil in the United States (US) has turned negative due to dried up demand in the wake of\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/crude-oil-rates-fall-negative-in-us.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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