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Oil prices tank, as Americans protest virus stay-at-home orders

Oil prices tank, as Americans protest virus stay-at-home orders

13 Sept 07:37 Key points summarised by AI
  • Oil prices, specifically US benchmark West Texas Intermediate, crashed into negative territory for the first time ever, reaching -$37.63 per barrel, due to drastically reduced demand from global coronavirus lockdowns and an oil glut.
  • Thousands of Americans protested stay-at-home orders across several states, demanding a swift reopening of the economy, with President Trump publicly supporting these demonstrations despite health officials' warnings.
  • While some European nations like Germany and Denmark cautiously began easing lockdown measures as coronavirus death rates fell, the unprecedented oil price collapse is expected to intensify global calls for economic unshackling.
  • The World Health Organization and China rejected criticism from President Trump regarding their handling of the pandemic, as global confirmed cases surpassed 2.4 million and deaths reached 167,600.
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