Oil Prices May Plunge Below Zero

CNN: The world could soon run out of space to store oil. That may plunge prices below zero

Highways are empty. Planes are grounded. Factories are dark. The unprecedented collapse in oil demand has sent crude crashing to 18-year lows.

Supply, on the other hand, remains largely resilient amid a price war between Saudi Arabia and Russia. US producers don't want to be the first to blink by turning off production.

That could mean a supply glut so epic that the world will soon run out of room to store all the unneeded barrels of oil.

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Update #1: Oil prices could soon turn negative as the world runs out of places to store crude, analysts warn (CNBC)
Update #2: Oil market shock to spill over into global supply chains - IEA (Reuters)

WNU Editor: Alberta crude is now selling for an unbelievable USD$4.00-$6.00/barrel. Some countries are now naturally taking advantage of these low prices .... China to Start Buying Oil for State Reserves After Crash (Bloomberg).

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