A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016 - Sputnik International

Live Updates: Oil Prices Collapse as Market Faces Historically Low Demand

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Crude oil prices are plummeting amid the outbreak of the novel coronavirus, threatening to shut down the global economy by dramatically decreasing the demand for oil products, resulting in near-capacity oil storage facilities and a market crisis.

On Monday, the price of WTI for delivery in May fell to a negative value for the first time in history, reaching about minus $40 per barrel at NYMEX, as traders tried to get rid of their positions at any cost on the last day of trade.

The unprecedented negative price was partially explained by the fact that the contract closes on Tuesday, and there is no additional capacity to store oil.

The demand has fallen sharply due to the coronavirus pandemic, and storage facilities are already close to full.

Follow Sputnik's live feed to find out more.

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16:55 GMT 21.04.2020
16:32 GMT 21.04.2020

The Russian stock market slightly rebounded from three-week lows, but closed down for the second day in a row on Tuesday amid oil prices collapse.

MOEX index closed down 1.5 percent at 2,488.02 points, while dollar-denominated RTS index fell 5.26 percent to 1,012.15 points.

Earlier in the day, MOEX fell to 2,431.98 points, lowest since March 30, while RTS slumped to 991.49 points, lowest since April 2.

As of 16.03 GMT, Brent oil futures for June delivery were trading down 23.82 percent at $19.48 per barrel, while June futures for WTI crude slumped 35.73 percent to $13.13 per barrel.

16:23 GMT 21.04.2020

Several ministers of the Organization of the Petroleum Exporting Countries (OPEC) and non-cartel oil-producing countries held a teleconference and discuss the oil market conditions, the OPEC said Tuesday.

"Several Ministers of the OPEC – non-OPEC producing countries, signatories of the Declaration of Cooperation held informal teleconfe[re]nce to brainstorm the current dramatic oil market situation," OPEC said on Twitter.

14:17 GMT 21.04.2020

The collapse of prices for West Texas Intermediate (WTI) crude will not have an impact on Egypt’s economy, Egyptian Oil and Gas Ministry spokesman Hamdi Abdel Aziz told Sputnik on Tuesday, adding that the country had partnership relations only with the Brent crude brand.

"This situation is related to the United States. We only work with the Brent oil mark, and events that are now taking place on the US stock exchange is a moment development connected to May contracts. [We are] talking about contracts for June starting from today … The matter does not concern Egypt at all," Abdel Aziz said.

On Monday, the price of May futures for WTI crude at New York Mercantile Exchange dipped into negative territory, dropping to a negative $4.51 per barrel. Meanwhile, the price of Brent oil fell some 20 percent, dropping to $20 for barrel in Tuesday's trading for June futures.

12:44 GMT 21.04.2020

"The oil price collapse is a danger for the global economy," Le Maire told the French Senate as he a presented a budget update to take account of the impact of the outbreak.

10:37 GMT 21.04.2020
09:39 GMT 21.04.2020

The crash of May futures contracts is no reason to see the situation in "apocalyptic light," it was a trading-only moment, Kremlin Spokesman Dmitry Peskov said Tuesday.

"Yesterday, the prices dropped for the May futures contracts, oil prices went negative. As for this futures mayhem, this is a purely speculative moment, purely a trading thing that was linked to the end of trading date for the May futures contract," Peskov told reporters, adding that it was unnecessary to see the event in some "apocalyptic light."

The Kremlin is closely watching the oil price dynamics; the oil prices may not have a positive dynamic but they did not plunge like the futures did, the spokesman said.

"All the specialists are fully aware of the fact that this [the May futures crash] is no reason for some excessively negative assessment of the reality we are in," Peskov said.

The Russian government has plenty of resources to mitigate the negative impact of any such volatility on the country's economy, the spokesman said.

09:15 GMT 21.04.2020
08:42 GMT 21.04.2020
07:51 GMT 21.04.2020

The price of June futures for WTI crude is fluctuating at around $20.5 for barrel at the New York Mercantile Exchange (NYMEX) on Tuesday, falling into the so-called red area from time to time, according to trading data.

As of 10.31 a.m. Moscow time (07:31 GMT), the price of June futures for WTI is increasing by 0.59 percent to $20.55 for barrel. The price was earlier falling by 0.1 percent to $20.41 for barrel.

At the same time, the price of May futures for WTI crude at NYMEX has fallen into negative territory again, dropping to negative $4.51 for barrel.

Meanwhile, the price of Brent oil is falling by 10 percent already, dropping below $23 for barrel.

07:38 GMT 21.04.2020
07:24 GMT 21.04.2020

The price of May futures for WTI oil fell into negative territory again at the New York Mercantile Exchange (NYMEX) on Tuesday, trading data showed.

As of 06:16 GMT, the price of WTI crude May futures reached negative $4.04 for barrel. At the same time, the price of June futures was increasing by 0.34 percent to $20.5 for barrel. Tuesday is the last day of WTI May futures trading at the NYMEX.

The price of June futures for Brent oil was seeing a 7.39 percent drop to $23.64 for barrel.

00:48 GMT 21.04.2020

The price of West Texas Intermediate (WTI) crude for delivery in May has returned to a positive value, and is now trading at $2.21 per barrel at the New York Mercantile Exchange (NYMEX), according to trading data.

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