Oil Futures Have Moved Upward

Oil Futures Have Moved Upward

Oil futures have moved upward in the same way as other financial markets, but in the physical market, the price has moved closer to $ 15 per barrel. In New York, it rose 5 percent after U.S. index futures moved upward and Asian shares recovered their losses, along with signs that investors were again turning to risky assets. But the decline in oil still continues. Government measures against coronavirus have caused oil demand to collapse, while global supply glut has reached high levels even before Saudi Arabia launched oil. Prices at dated Brent oil, which accounts for two-thirds of the world's real oil supply, saw their lowest level since 1999, dropping to $ 15,135 per barrel on Wednesday, according to traders. In regions in the U.S. and Canada, crude oil dipped below $ 10, while prices in some types of oil fell to negative. Crude oil inventories in the U.S. rose by 13.8 million barrels last week, the biggest increase since 2016, according to official data, and inventories in Cushing, Oklahoma, the nation's largest oil storage center, also rose for the fourth consecutive week. Gasoline demand has hit an all-time low.