On Monday, the 16th of March 2020, both US and UK crude futures’ prices had pummelled over accelerating worries of coronavirus-driven financial fallouts, while an output hike by Saudi alongside UAE as a part of Saudi’s crude oil price war against US Shales alongside Russian crude had sparked worries further.
Apart from that, following reveal of a report from global information provider IHS Markit saying Saudi’s latest attempt to overflood the crude oil market aimed at grabbing a larger bite of market shares, could lead the largest crude oil supply glut on record, investors’ optimisms had faltered further, while IHS Markit’s Monday’s (March 15th) report had also added that the crude oil oversupply could be between a range of 800 million to 1.3 billion barrels, nearly tripled of what had existed during the previous crude oil price war.
Meanwhile, casting further holocaust over crude oil futures’ prices over the coming weeks, the vice president and head of oil markets at IHS Markit, Jim Burkhard said on Monday (March 16th), “The last time that there was a global surplus of this magnitude was never.
Prior to this, the largest six-month global surplus this century was 360 million barrels. What is coming will be twice that or more. ” Citing statistics, on Monday’s (March 16th) market wrap-up, UK crude futures’ prices ended the day 11.2 per cent lower to $30.05 per barrel after hitting an intra-session low of $29.52 per barrel, its lowest level since the January of 2016, while the US West Texas Intermediate crude oil futures’ prices nosedive 9.6 per cent to $28.70 per barrel to hit its lowest reading since February 2016.