U.S. President Donald Trump resolves the everyday coronavirus job force briefing at the White Home in Washington, U.S., April 20,2020 REUTERS/Jonathan Ernst
WASHINGTON (Reuters) – U.S. President Donald Trump explained a historical drop in oil costs on Monday as short-term and stemming from a “financial capture,” including the administration would consider stopping oil shipments from Saudi Arabia to lift the market.
Speaking at an everyday press conference, Trump also said his administration planned to top up the country’s emergency petroleum stockpile as rates plunge.
The Department of Energy is in the process of leasing some of the approximately 77 million barrels of offered space in the Strategic Petroleum Reserve to U.S. oil companies to assist them handle the lack of business storage as the coronavirus outbreak squashes domestic energy need here
U.S. crude oil futures collapsed listed below $0 on Monday for the first time in history, amidst a coronavirus-induced supply excess, ending the day at a sensational minus $3763 a barrel as desperate traders paid to get rid of oil.
Reporting by Jeff Mason; Writing by Richard Valdmanis; Editing by Peter Cooney
