The price of the barrel of oil on the world markets has fallen again, after a minor rally following the intervention of the US President over the past month.
A reduction in supply agreed between Russia and Suadi Arabia managed to lift oil prices, but the subsequent market analysis showing major oversupply as a problem has dampened prices again.
As we go to press a barrel of oil stands at just over $20 a barrel for Brent crude. The US benchmark oil price dipped into negative territory for the first time ever - this means that sellers of US oil have to actually pay for buyers to take it! Very weird market conditions indeed - there’s just too much oil out there compared to the capacity to store it.
Demand for the black stuff has raced downwards since the pandemic kicked in, combined with oversupply the price will remain low for some time, according to analysts.
