CL1! - Oil plunges below zero for the first time in history
OK, just one more chart about oil because it is a historical event (and could(!) affect crypto market as well somehow).
Looks like it settled at ~$35, experienced 325% drop for today.
Why did it happen? I think due to coronavirus and lockdowns oil isn't being used much. But it needs to be stored somewhere and it costs money.
And there's a lot of oil in storages and most of facilities are full. So nobody who can store it will buy it from you. If you want to get rid of oil, you have to pay someone, that's why price turns negative.
Don't pretend to be an expert just my take on this situation.
Hit the "LIKE" button and follow to support, thank you.
Information is just for educational purposes, never financial advice. Always do your own research.
Looks like it settled at ~$35, experienced 325% drop for today.
Why did it happen? I think due to coronavirus and lockdowns oil isn't being used much. But it needs to be stored somewhere and it costs money.
And there's a lot of oil in storages and most of facilities are full. So nobody who can store it will buy it from you. If you want to get rid of oil, you have to pay someone, that's why price turns negative.
Don't pretend to be an expert just my take on this situation.
Hit the "LIKE" button and follow to support, thank you.
Information is just for educational purposes, never financial advice. Always do your own research.
