Newsclick’s Prabir Purkayastha analyses the state of the global oil market, the geo-strategic implications and the future of oil consumption keeping in mind the nature of the pandemic

For the first time in history, US crude oil prices became negative. Prices of West Texas Intermediate (WTI) crude oil for May fell to -$37 per barrel on April 20. Why did this fall happen?

The fall in the futures market shows that the production cut by OPEC+ members may not be enough to address the drastic drop in demand due to the ongoing COVID-19 pandemic