Tag: west texas intermediate crude
A plunge in U.S. crude oil prices this week reverberated across global financial markets and fueled renewed worries over the beleaguered shale oil industry. Yet billionaire investor Howard Marks isn’t panicking.
Yesterday the price of West Texas Intermediate Crude fell below zero for the first time in history, meaning the sellers were ultimately paying buyers to take the oil. The COVID-19 pandemic has cut global oil demand by almost a third, and now it shows in the US oil market, but what does this all mean for Africa? International Relations Expert, Emery Nzirabatinya joins CNBC Africa for more.