New York City (Reuters) – A historical plunge in U.S. petroleum rates pulled international equity markets lower on Monday and assisted drive bond prices higher as investors sought out safe houses amidst the economic carnage of the coronavirus pandemic.
SUBMIT PICTURE: The New York Stock Exchange (NYSE) is seen in the monetary district of lower Manhattan during the break out of the coronavirus disease (COVID-19) in New York City City, New York City, U.S., April 13,2020 REUTERS/Andrew Kelly
With some worldwide crude storage facilities nearly at capacity, the front-month May benchmark U.S. crude agreement CLc1 fell 307.44%, to -$3790 per barrel, the first time in history that oil futures sold unfavorable territory. Brent LCOc1 was at $2605, down 7.23%.
” For oil there is a bit of a technical story (with storage), however still, if energy consumption is down 30%and OPEC minimizes supply by 10%, there is still a big space,” said Elwin de Groot, Rabobank’s head of macro strategy.
MSCI’s gauge of stocks throughout the globe.MIWD00000 PUS shed 1.15%, following broad declines in Asia