A ”wild rollercoaster” is perhaps the best way to describe the latest fluctuations in oil prices. Happening against the background of the coronavirus outbreak, a drop in commodity’s demand was worsened by a supply glut. In attempts to save the market, OPEC and its members have been abiding by an agreement to cut production. All in all, global oil demand has fallen by about 30 per cent as the deadly pandemic has curtailed movement around the world, causing growing oil inventories. As storage facilities filled, prices plummeted steeply. On April 20 a barrel of US Crude oil (WTI) plunged to -$37.63, sliding into ... (full story)