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rdf:type	schema:NewsArticle
schema:articleBody	Oil prices fell into negative territory in New York trading on Monday for the first time ever, with the coronavirus pandemic slashing demand and creating a supply glut. Here we look back at a tumultuous six-week period for black gold. At the start of a two-day meeting of the OPEC oil-producing nations and their "OPEC+" partners including Russia, the price of crude falls below $50 dollars a barrel for the first time since 2017. For comparison, it reached a record $145 a barrel in 2008. The price of oil drops by 10 percent after the OPEC talks break up without agreement, Russia refusing to reduce their oil output in order to boost the market. Markets plunge 20 percent, nearing $30 a barrel after Saudi Arabia announced it was cutting its oil price. The move triggers a price war with Russia, with the two oil-producing giants seeking to grow their share of the global market. The price of oil on the US and London markets continues to fall to levels unseen since 2002, with the US benchmark West Texas Intermediate price dipping below $20 dollars a barrel. The crude price rebounds by a historic 25 percent after US President Donald Trump hints that Riyadh and Moscow plan to end their price war with a sharp reduction in output. Prices rise another 10 percent on optimism that an end to the price war is imminent. The WTI rises nine percent to $22 per barrel after OPEC and its allies reach agreement to reduce production by 10 million barrels per day. However there is nothing OPEC+ can do to halt the drop in demand caused by the COVID-19 pandemic. A journey into the unknown for the oil market. The value of a barrel of oil plummets to below zero as investors and speculators seek to offload into a market so saturated that storage capacity is running out, with no reprieve in sight due to weak demand. The price for WTI for May delivery ends trading at -$37.63 a barrel ahead of Tuesday's close for futures contracts -- when traders who buy and sell the commodity for profit would have had to take physical possession of it. "It's a contract for something that nobody wants to buy," said Matt Smith of ClipperData. ved/aue/pvh/dl
schema:headline	The oil market's six-week plunge
schema:mentions	OPEC Commodity Riyadh Barrel Moscow Saudi Arabia London Russia New York City Pandemic Coronavirus President of the United States Donald Trump Coronavirus disease 2019 Tom and Matt Smith Aue Price war The Move West Texas Intermediate PVH (company)
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-04-20 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	68 (xsd:integer)
http://data.cimple...tology#hasEmotion	fear

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