What are the key takeaways of oil
Oil price and economy The oil industry is one of the most effective and largest industries in the world. In addition to being a major source of energy in today’s world, oil also plays an important role in determining the level of national power and international prestige of different countries. Benchmark U.S. crude oil prices dived into negative territory on Monday, due to a collapse in demand caused by the Corona virus pandemic and a lack of storage capacity for excess supply. While June futures contracts for WTI crude and prices for Brent crude remain positive at levels of over $20 per barrel, the pain for the oil prices may be far from over, given that transportation and industrial activity, which together account for more than 90% of crude oil demand, are likely to remain depressed in the near-term. Our analysis U.S Oil Consumption by Sector shows underlying numbers across…