The drying oil

[jonatha28]

The prices will probably not rebound that well at all, not just any time soon but never. We are at the break of a new dawn where oil is not needed as much as it used to, there are still ways that oil could be used but that is getting smaller and smaller, one day we will no longer need it at all. That is why I could understand why the price may never rebound. Definitely with the inflation and all when a gum is worth over a dollar, the price of oil will be where it was one day, maybe in a decade maybe longer but at the same time we are talking about other stuff taking its place.

I feel like maybe the oil price could be 20 bucks at max because at this point that is what it deserves, even if the lockdown is lifted there won't be all that much purchase for a long time.

There are chances that after pandemic is over oil will break the ceiling and will come back as trading leader.
I hope it will not happen and we'll slowly forget what oil is and will be all about renewable energy sources, but its hardly believable

[shoreno]

Okay we get it, less cars, less vehicles traveling so the oil is not that what we really need right now

there are things that more people need too on this kind of situation not just oil  .

But, why is the price be looking like this? It is not only the cars that uses oil, we also have a lot of machines that isn't running without the oil

you mean price drop sharply ? you said less vehicles traveling now so that could be the main reason  . aside from cars , all i can think of that uses it is generators and nothing else but generators are rarely being used too

Don't tell me the covid-19 global pandemic cases is inversely proportional with the oil price lol

dont know what you mean but i only know is that covid affects everything .

as of now XRP is worth more than a barrel of oil. Smack it to the face of those people who's shouting that cryptocurrency is soooo VOLATILE  

crypto is really volatile , who said not ?

[brotherwood12]

i'm sure this pandemic take a part for the oil price, as what u said , the demand about oil become low because most of ppl save their own assets to survive at this pandemic

[Sanugarid]

Okay we get it, less cars, less vehicles traveling so the oil is not that what we really need right now

there are things that more people need too on this kind of situation not just oil  .

you're not getting what I am pointing out here, that's why I posted it on economics section for the purpose not to talk about other necessities that people need right now.

But, why is the price be looking like this? It is not only the cars that uses oil, we also have a lot of machines that isn't running without the oil

you mean price drop sharply ? you said less vehicles traveling now so that could be the main reason  . aside from cars , all i can think of that uses it is generators and nothing else but generators are rarely being used too

What I mean by this is that, there are still machines that needs tan oil to operate in fact we still have a lot of cars in the road travelling right now, government vehicles used to transport frontliners. That's why I'm asking why the price of the oil plummeted at that point and hit below the ground.

Don't tell me the covid-19 global pandemic cases is inversely proportional with the oil price lol

dont know what you mean but i only know is that covid affects everything .

Indeed.

as of now XRP is worth more than a barrel of oil. Smack it to the face of those people who's shouting that cryptocurrency is soooo VOLATILE  

crypto is really volatile , who said not ?

LOL. I said it sarcastically and you don't get it. Go get some.

[Spaffin]

The fact is that in the market the demand for oil has begun to decline significantly with a drop in the pace of economic development worldwide.  Moreover, this trend began to intensify even with the emergence of problems due to the coronavirus pandemic, when the need for oil as a source of fuel decreased even more.  but since market prices always fluctuate depending on supply and demand, the oil supply on the market has increased many times.  new players appeared on the oil market with serious volumes of their goods, such as China, Kazakhstan and Angola, and despite the tense situation in Brazil and the almost martial state of Iraq and Libya, these countries did not reduce oil production.  In addition, the United States and Canada show significant growth in oil production.  It seems to me that it is very difficult to predict further developments in the oil market, but if the oil supply exceeds consumer demand, the oil price will no longer rise to last year's prices.

[7788bitcoin]

We are at the break of a new dawn where oil is not needed as much as it used to, there are still ways that oil could be used but that is getting smaller and smaller, one day we will no longer need it at all.

Scientist are trying hard for alternative energy sources and solar energy might be the alternative everyone will be using because it is environment friendly without any pollution, yet we are not in a situation to say that fossil fuel will not be used in the next decade. The reason crude oil prices are in the headline is because many countries are selling oil and the production keeps on increasing while the demand is not proportional nor space to store the product. If the countries competing get together and cut the production then the price will recover.

[Lorence.xD]

The only oil price that has dropped was the American oil company and I think the reason for the negative prices is the fact that they are still producing oil and amping up the price resulting in a high supply but with the pandemic spreading the demand was so low that they can't recover the expenses for the oil production, one thing to note about is the fact that the negative price of oil does not mean that they are going to pay you for getting a barrel, they are paying for the storage. These sudden dump of oil price is expected because there is a pandemic which obviously will put some businesses and industry on halt, it was unfortunate that the oil industry is affected too.

[NavI_027]

Scientist are trying hard for alternative energy sources and solar energy might be the alternative everyone will be using because it is environment friendly without any pollution, yet we are not in a situation to say that fossil fuel will not be used in the next decade.

It can actually. Solar power got a lot of potential however there are hindrances for us to widely use it all over the world. From issues about the climate up to business companies wanting this into halt . These video might lead you to many realizations. Please watch:

https://youtu.be/CS3bBO05fpU
https://youtu.be/Uw_bweN_90E

If the countries competing get together and cut the production then the price will recover.

You are not glad that there's a mass price rollback? Why seems you want oil prices to recover? Hmm, I think it is better to remain this way especially that we face financial crisis. Such decline on the price of this commodity absolutely lessens our burden .  

[wingfield_crypto]

    The pandemic situation has also aggravated the oil industry. Also, oil consumption is much lower than before the pandemic because people keep their cars in the garage. However, the oil industry will suffer a lot after COVID-19, as well as other industries.

[Sanugarid]

    The pandemic situation has also aggravated the oil industry. Also, oil consumption is much lower than before the pandemic because people keep their cars in the garage. However, the oil industry will suffer a lot after COVID-19, as well as other industries.

The pandemic situation has affected everything, everything is on pause ( not those who needs to move essentially) including the usage of oil that's why we have seen a massive drop in oil prices because there is low consumption of it, what we have now in our country is stocked oil that's why we aren't getting any price hike. The aftermath of the pandemic might affect the oil industry but I don't see it very severe on the oil industry, I worry more on the stock market.

[apaben]

    The pandemic situation has also aggravated the oil industry. Also, oil consumption is much lower than before the pandemic because people keep their cars in the garage. However, the oil industry will suffer a lot after COVID-19, as well as other industries.

The pandemic situation has affected everything, everything is on pause ( not those who needs to move essentially) including the usage of oil that's why we have seen a massive drop in oil prices because there is low consumption of it, what we have now in our country is stocked oil that's why we aren't getting any price hike. The aftermath of the pandemic might affect the oil industry but I don't see it very severe on the oil industry, I worry more on the stock market.

the price of crude oil on the world market is based on supply and demand, because the corona outbreak stops most economic activity and citizens' activities, oil demand drops dramatically and thus the price on the stock market. Companies prefer to order less fuel, airlines stop fuel purchases because their planes don't fly, public fuel consumption is also small because many people stay at home and don't use their vehicles