US oil records biggest loss in its history to reach $ 10 per barrel

WASHINGTON, April 21 (YPA) – US oil experienced on Monday its biggest loss in its history, after falling more than 40 per cent to below $ 11 a barrel, coinciding with investors’ assessment of the market situation, which suffers from a large supply glut.

Economy analysts said that the recent OPEC agreement was late, which allowed the passage of huge quantities of supply to the market, causing a great supply glut.

The contracts of the US “NYMEX” crude for next May delivery fell by 45 per cent to $ 10.06 a barrel, which is the biggest decline since these contracts began trading in 1983, and this price is the lowest since 1986.

YPA