Oil’s big swing: How prices went from -$40 to +$40 in a matter of weeks

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Oil’s big swing: How prices went from -$40 to +$40 in a matter of weeks

energy

LONDON (Bloomberg) –Every day, traders in London congregate at 4 p.m. to buy and sell North Sea oil for half an hour. The window, as it’s known in the industry, is where competition between the most powerful players in the market sets the price of Brent crude.

Two months ago, every trader wanted to sell cargoes and none were keen to buy. Now the window has transformed into a bull market, where bids outnumber offers 10 to one and prices are surging. Read the full article here

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