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Does negative crude oil price mean Indian consumers will pay less for fuel?
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MUMBAI: A glut in the global energy market, paucity of storage capacity and a pandemic induced lack of demand pushed the West Texas Intermediate (WTI), benchmark US crude, to below $0 a barrel for the first time in history on Monday.
Prices crashed 300% from $17.85 a barrel to settle at minus $37.63 for the day. With the May contract expiring today, the negative price means that investors holding the contract were unwilling to take delivery of oil and incur storage costs.
Investors had to pay people to take the crude off their hands. The June contract still trades at over $20 a barrel. But will the price crash mean consumers in India will pay less at the oil pumps?
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