Oil storage tanks at a refinery in Russia. Photo: Bloomberg
No free oil for China after US benchmark WTI price fell below zero for first time ever, say analysts
- Stocking up on large quantities of oil costing little more than zero is not feasible due to limited storage capacity, analysts said
- Monday’s plunge of WTI contracts for May delivery were a ‘technical aberation’, according to David Chao of Invesco, who says Brent crude contracts are a better indicator of global oil prices
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Energy
Oil storage tanks at a refinery in Russia. Photo: Bloomberg