Experts from Imperial have provided analysis of the global downturn in the price of oil.
The COVID-19 induced turmoil included US oil prices turning negative for the first time in history on 21 April. The price of a barrel of West Texas Intermediate (WTI), the benchmark for US oil, fell as low as minus $37.63 a barrel. Buyers were essentially being paid to receive oil.
Researchers and academics from across Imperial College London have provided analysis of this global economic impact of coronavirus.
Market moves revived claims that ‘data is the new oil’ as the coronavirus-related events caused Netflix’s market capitalisation to exceed that of oil giant ExxonMobil.
