With the contract for May delivery expiring on April 21, the contract for June delivery became the new front month contract on April 22 after settling at $13.78, WTI was the lowest since the 1990s. On April 20, the front month contract for WTI fell below zero, an unprecedented event. ![]() The difference between the two was less because Brent did not require as much storage capacity. For Brent, the June contract was $28.08 while October was $35.95. On April 17, May WTI was $18.27 but June WTI was $28.08. On April 14, the difference between the front month contract and contracts for later delivery were the most since 2009 for WTI, which traded $14.45 below the September contract. crude supplies had risen for 12 weeks, including the largest increase for a week as of April 10. OPEC agreed to production cuts on April 12 these would be greater in 2020 than in future years. Then on April 2, WTI jumped 24.7 percent to $25.32 and Brent rose 21 percent to $29.94, the biggest percentage increase in a single day ever, in anticipation of significant production cuts. In the first quarter, the percentage loss was the worst ever, 66.5 percent for WTI and 65.6 percent for Brent. The price of Canadian heavy crude dipped below $5 per barrel. During the last full week of March WTI fell about 5 percent to end at $21.51, with Brent down 7.6 percent for the week to $24.93. With worldwide demand continuing to decline due to COVID-19, oil fell for a fifth straight week at the end of March and any actions taken by Saudi Arabia or Russia would be inconsequential. On a week when oil fell the most since 2014, Russia rejected plans by OPEC and others to help calm the oil market, and Saudi Arabia was expected to increase production. ![]() Both were the lowest since 2016 and the one-day decline was the largest since 1991. ĭuring the 2020 Russia–Saudi Arabia oil price war, on March 8 oil fell over 30 percent. Warmer than usual weather was one reason but the major factor was concerns about economic slowdown due to COVID-19. Both were the lowest since December 2018. WTI ended February 28 down more than 16 percent for the week, the most in 11 years, falling 5 percent to $44.76 on February 28. Despite a forecast for lower demand, expectations of OPEC action led to three days of gains, with WTI reaching $51.42 and Brent $56.34. Russia had not agreed to further production cuts, though OPEC had a plan. WTI fell 1.5 percent to $49.57, the lowest since January 2019, and Brent dropped 2.2 percent to $53.27, the lowest since December 2018. On February 10, oil reached its lowest level in over a year, with the COVID-19 pandemic a major reason. Brent fell 5.3 percent, the most since August, and then reached its lowest close since December 12 with $64.20. WTI fell 6.4 percent for the week, the most since July, and on January 13 had its lowest close since December 3 at $58.08. ![]() "backed away from military confrontation" with Iran, and stockpiles were higher. Then oil fell for five straight days before rising again the U.S. air strikes in Iraq, with Brent up 2.6 percent for the week at $68.60. On January 3, 2020, WTI finished up 2.2 percent for the week at $63.05, the highest since May, after U.S.
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