MARKET OPEN: Investors eye historic negative oil prices

Tue, 21 Apr 2020

The New Zealand share market may track Wall Street lower after US crude futures prices turned negative for the first time ever, raising question marks about the viability of global energy firms. The move by nations to shut down all activity has created a supply glut with nowhere to put the crude and few buyers are willing to take actual physical delivery. “Traders fear being left holding the baby at expiry with storage issues globally,” said OMF treasury manager Stuart Ive. According to Reuters, May US crude futures settled on the day...

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