Oil futures made history last month when US benchmark crude West Texas Intermediate went into negative price territory. This, however, was also an abnormality, says Energy Economist Arij van Berkel from analyst firm Lux Research.
He sees the WTI debacle, however, as a clear example of Covid-19-spurred dwindling oil demand throughout the world – a tendency that could be seen to serve as the first lucid indications of which businesses will fare best in a world forecast to consume less oil.
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