The oil West texas falls 11% to $ 17.58, while the Brent It is flat at $ 27.80, a huge divergence between the two types of crude oil that are listed on the markets. West Texas is the reference in U.S, while Brent is a reference for Europe and internationally.
CNBC attributes this fact to the imminent expiration of West Texas futures contracts, which will take place on April 21, and at large increase in crude inventories in the United States, a very negative factor for producers through fracking.
Oil has been one of the assets hit hardest by the Covid-19 pandemic. So far this year, 71% has plummeted in the case of West Texas, despite the historic production cut approved by the Organization of the Petroleum Exporting Countries (OPEC), close to 10 million barrels per day.
The market discounts that world demand for crude oil has plummeted by around 15 million barrels due to the crisis, so even with this cut there is still an oversupply worldwide.
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