Oil Prices Drop as Producers Race to Cap Production - Traders debate whether globally coordinated cuts will be enough to stop the pain in oil markets

Oil prices fell Monday as producers scrambled to shut down wells before the world’s crude storage capacity reached its limit. Negative oil prices were “the slap in the face that the market probably needed,” said Ben Luckock, co-head of oil trading at Trafigura Group. “The market was producing too much crude oil and people were just trying to hold on for a while.”

This article was originally published by Wall Street Journal on the 27 April 2020.

Read the full article: https://www.wsj.com/articles/oil-prices-drop-as-producers-race-to-cap-production-11587985891

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