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Nymex crude oil plumbs 18-year low below $20

March 30, 2020 by Jim Wyckoff

The Nymex crude oil futures market on Monday plumbed an 18-year low of $19.92 a barrel, amid the global coronavirus outbreak that has severely reduced demand for energy. Throw in an oil-price war between major producers Saudi Arabia and Russia and you get oil prices in the teens. Oil prices are not likely at all to stay in the teens for an extended period of time. History shows that steep oil price downdrafts see fairly fast rebounds, as in weeks and not months. Stay tuned! Jim

Filed Under: Blog News, Jim's Morning Report, Uncategorized

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