Coronavirus: US oil prices dip below $0 for first time in history; India Covid-19 cases cross 18,000

Team Suno Neta Monday 20th of April 2020 11:03 PM

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North American oil companies now face bankruptcy.

New Delhi: US oil prices dipped below zero dollar for the first time in history, on Monday, as unprecedented oversupply of crude left by the coronavirus crisis left North America’s oil producers without space to store it. The coronavirus pandemic has caused global oil demand to drop so rapidly countries were running out of storage. In the same time, Russia and Saudi Arabia flooded the market with more oil.

The price of US crude oil collapsed from $18 a barrel to –$38 in no time at the New York Mercantile Exchange, forcing US oil producers to pay buyers to take excess crude that they could no longer store. This is the first time this has happened since the NYMEX began oil futures trading 1983.

The future of US oil companies doesn’t look bright either despite their crude for June delivery is still trading above $20 a barrel. According to analysts, at this is price, it is almost certain that over 500 US oil exploration and production companies will file for bankruptcy by the end of 2021. And if the future oil prices dip to $10 or below a barrel, over 1,000 companies will go belly up.

India Covid-19 cases cross 18,000, deaths near 600

In India, the number of coronavirus infections crossed 18,000, on Monday, although the growth percentage came down from 10.3 per cent the previous day to 7.3 per cent on Monday. The death toll is now close to 600, according to the latest figures.

Meanwhile, the Union health ministry, on Monday, said 80 per cent of the coronavirus cases in the country are either mild or asymptomatic. It emphasized on the importance to follow lockdown guidelines and maintain social distance to break the chain of infection.

Lav Agarwal, a joint secretary at the health ministry, said, “On the basis of worldwide analysis, 80 per cent of patients are asymptomatic or show mild symptoms. Around 15 per cent of them turn into severe cases and 5 per cent turn into critical cases.”

Here are some of the latest coronavirus figures from India and the world

Latest coronavirus India stats: