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Oil's record coronavirus slide is nowhere near bottom
Saudi Arabia, Russia trying to ‘drown’ US in oil price war: Harold Hamm
Continental Resources Executive Chairman Harold Hamm discusses the conflict’s implications
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Oil prices saw a historic drop in the first quarter of 2020, and it's only going to get worse.
West Texas Intermediate crude oil, the U.S. benchmark, plunged 67 percent over the past three months to settle at $20.48. Brent crude, the international benchmark, has tumbled 65 percent to $22.74 so far. Both drops are the biggest quarterly declines on record.
“We've got all the ingredients for a price crash,” Stephen Schork, founder and editor of the daily oil subscription newsletter The Schork Report, told FOX Business, adding that oil “could lose another 50 percent” and possibly fall below zero.
OIL PRICES COULD FALL BELOW ZERO: ANALYST
The COVID-19 pandemic has decimated demand, with countries around the world issuing “shelter-in-place” orders that curbed consumption of gasoline and jet fuel. At the same time, a price war broke out between Saudi Arabia and Russia, two of the world’s largest producers.