U.S. oil prices have stayed relatively stable at around $40 a barrel since the start of the summer, having rebounded from the negative price of -$37 per barrel on April 20, EIA data shows. The collapse of oil demand due to the lockdowns in the spring and the building of inventories at the key U.S. hub at Cushing, Oklahoma, contributed to the plunge of the West Texas Intermediate prices in April.
On April 20, the price of WTI Crude crashed below zero to close at -$37 a barrel—the first time the WTI Crude futures contract had fallen below zero…Oil Surprisingly Steady Since 2020 Negative Price Disaster
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