The International Energy Agency (IEA) had forecast a drop in oil prices, which would be the worst year in the history of this fuel. With this forecast, the world’s largest crude exporters met on 13 April and crude production was limited.

But that has not been enough, and all the United States reserves are complete. On Monday morning, the barrel was sold at $17 per person. By the end of the day, buyers were paid 37 dollars, as in the afternoon the WTI started to pay negative.

As usual, what happens in the United States spreads to the whole world, and the benchmark barrel in Europe, Brenta, has also had to suffer this kind of downturn. Although the coup is smaller than in the United States, there has been an 8% drop in the area. The barrel has been sold for less than $26, less than half the value it had before the crisis.

Economic catastrophe

The United States, with the world’s largest fracking companies, has managed to become the world’s largest oil exporter. But the crisis has caused transport to stagnate and the use of oil has been drastically reduced without cars or planes.

This has also been noted in the bag: In New York, Wall Street closed yesterday with a 0.64% drop, which is a drop of over EUR 1 million. The Spanish State has also noted, in some way, the crisis on the other side of the Atlantic and, although the Ibex still maintains its value, it has followed a downward trend. CAC40, the French State index, showed, at the end of Monday's sitting, small green numbers. This coincides with the general European trend, as it is a territory coming out of the pandemic, as the rest of the stock exchanges, although slow, have also been growing.