On Wednesday, the 18th of March 2020, both US and UK crude futures’ prices had plunged in to their multi-year lows, while the US crude oil pummelled nearly 24.4 per cent to hit its 18-year low figure, as Government measures across the globe to shut down borders in a bid to slow down the spread of the flu-like coronavirus pandemic had accelerated investors’ worries and flumped demand outlook.
In point of fact, amid a consequential repercussion of a crude oil price war triggered by Saudi Arabia to target US Shales alongside Russian crudes alongside a slanderous outlook in demand concerns following temporary suspension of industrial activities across the globe, the oil futures’ prices had shredded off more than 56 per cent of their values in less than ten days, while the ongoing slump in US markets over the past 10 days had been the steepest contraction on record, IBES data from Refinitiv revealed.
Meanwhile, adding that the crude oil futures’ market had been failing to find out a concrete support level over the past two weeks amid panic-driven sell-offs, Vice President of research at Tradition Energy in Stamford, Connecticut, Gene McGillian said on Wednesday (March 18th), “The market is cascading.
It’s trying to search for a bottom and it doesn’t seem able to find one. There are fears of an economic collapse because of what this virus represents, globally. ” Citing statistics, on Wednesday’s (March 18th) market wrap-up, the US West Texas Intermediate crude futures’ prices took a nosedive of 24.4 per cent to settle down at $20.37 per barrel, while the UK crude futures’ prices lost 13.4 per cent to wind down the day at $24.88 a barrel after hitting a session low of $24.52 per barrel, its lowest level since 2003.