11.7 C
Sunday, September 20, 2020

Oil prices CRASHED 30% when markets opened

Follow us on social media!

Seconds after the market opening on Sunday evening, the oil prices crashed up to 30%, bringing crude oil to its lowest price in 4 years.

Brent crude dropped from $45 a barrel to just $31.52, the biggest one day drop on record. It has since recovered a little, and at time of writing stands at $35.42 a barrel, which is still down more than 20% since trading started.

Goldman Sachs have warned that the price of oil could dip to as low as $20 a barrel in the coming weeks.

Saudi Arabia is refusing to make deeper cuts to oil output despite the corona virus outbreak causing a weakening demand in oil.

Instad, Saudi Arabia has RAISED outputs and is offering oil at unprecedented price discounts – while the looming threat of corona virus causing a worldwide pandemic, which would weaken demand for transport and fuel.

“It’s the most crude price-bearish combination since the early 1930s. The price collapse has just begun” said Bob McNally at the Rapidan energy Group to FT.

The markets are not responding well to the news. The Norwegian Krone has fell 3.2% to it’s lowest levels since 1985 against the US dollar, while the US dollar dropped half a percent against international peers.

Dow futures were down more than 1 000 points and S&P emini futures were down more than 4% in early trading, going as low as 2 845.

Gold on the other hand spiked to above $ 1 700 for the first time since 2012.

Subscribe to our Newsletter!

CLICK HERE to sign up now to NEVER miss the most important news from Sweden and around the world!

Peter Imanuelsen
Peter Imanuelsen
Swedish journalist and political commentator. Founder and Editor-in-chief at Times of Sweden. Peter Imanuelsen has been reporting on the situation in Sweden for years and is more commonly known as PeterSweden on social media.


Sweden: 50 cars DAMAGED in fire – Police suspect arson

A massive fire in a carport has damaged some 50 cars in Swedish city Umeå. Police say they were called at 22:09...

VIDEO: Goats take over town in Wales under corona lockdown

A herd of goats have taken over the empty streets of a town after people are staying inside due to the corona...

Sweden sentences 19 year old man to 75 hours community service for sex crime against 13 year old girl.

A 19 year old man has been convicted by the Swedish court of appeals for “sexually taking advantage” of a 13 year...

Rape is “a major problem in society” admits Swedish Justice Minister.

The Swedish government is now looking into making sentencing harsher for rapes. This comes after a new record number of reported rapes in 2019.

South Korea: 2 deaths by coronavirus as the numbers surge to over 200 cases

South Korea has now reported 2 deaths caused by coronavirus as the numbers surge to no less than 204 cases.

Sweden: GRENADE ATTACK caught on VIDEO against family with sleeping kid – Could be revenge for police report

The family's 4 year old boy was sleeping only metres away from where the grenade exploded. Late Monday evening...

VIDEO: Far-left ANTIFA tackle and CHOKE Christian street preacher

The preacher can be heard desperately shouting for help as he screams "you are choking me" while the mob of ANTIFA protesters...