A DAY TO BE IN HISTORY: CRUDE OIL DROPPED TO $1.00 A BARREL!

On April 20th the price of WTI crude oil felt down to a record of about $1.00 a barrel on a very nervous trading day. The day before oil was trading at almost $20/barrel! Worse yet May Oil Futures contracts crashed down hundreds percent to about minus -$40/barrel, another unseen record. This means that oil holders will have to pay $40 to have their barrels of oil taken from them!  Numerous oil tankers were already waiting at the sea expecting an increase in oil whilc it was over $20. Major stock piles are also full.

A barrel of Oil at about $1.00 is like a bombshell exploding to all countries which have oil as a significant source of revenue and all shale oil producers in the United States, in addition to offshore major companies. This has a very serious economic consequences on the economies of those countries (Russia, Saudi Arabia, etc) on top of the vast damages caused by the coronavirus. If this trend continues it may generate civil unrest in some countries as well as in their Governments. Keep your attention on the upcoming price trends because it will have a severe effect on the Global Economy, which can not be foreseen. We are sailing in uncharted territory...