Oil has been at its lowest price since 1946: has gone into minus!

Oil has found itself in an extremely difficult situation and can be seen on its price. Commodities are very rash in response to the market slump, but the price of oil has went down to a minimum unseen since World War II. On some markets, oil was even traded negatively, which meant that mining is more expensive than maintaining it.

Commodities and dead oil

The price of oil has come under severe pressure from several sides. The failed negotiations between Saudi Arabia and the Russian Federation pushed her to the ground before the pandemic. Add to this the growing Green Movement, which, due to its great personalities, is increasing in power for a brilliant future.

The last imaginary clove in the coffin was a pandemic, when the interest in fuel for virtually all types of vehicles was completely lost.

The biggest problem, however, is that oil-producing companies can not closing the tap. Oil is not like water, you can’t just turn a piece of metal, and it stops. This is a complicated number of seals.

Unfortunately, the price suffers from a deep downturn. The Canadian stock market fell into negative numbers when the Asian market opened. Refineries are full and maintenance is more expensive than mining.

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