Historic oil plunge: Massive bailouts in US inevitable but recovery still a distant dream, industry figures tell RT ...United Arab Emirates

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Historic oil plunge: Massive bailouts in US inevitable but recovery still a distant dream, industry figures tell RT
As US oil prices suffered a historic collapse, industry insiders told RT that the unprecedented fall in demand will lead to bankruptcies and bailouts, with the coronavirus pandemic crippling the market’s chance of recovery. West Texas Intermediate (WTI) oil prices dropped into negative territory on Monday, with vanishing demand and a glut in supply slashing prices to -$37.63 a barrel, the first time crude oil futures dropped below zero since the New York Mercantile Exchange (NYMEX) began trading them in 1983. “If the WTI is at zero, it means that there’s no place to pour into left in America anymore,” economist Mikhail Delyagin told RT

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