May futures for West Texas Intermediate oil traded at 2 pm yesterday at negative 7 cents a barrel — far below the historic inflation adjusted low level $16.68 in Feb. 1946. See this chart. As WTI plummeted below zero, it dragged down other oil prices, spelling economic problems for such oil exporters as Venezuela and Russia. For Ukraine, an oil and gas importer, low prices pull down inflation and improve the balance of payments. Since the start of the year, the average price of A-95 + gasoline fell by 13% to UAH 25.68 /liter.
May futures for West Texas Intermediate oil traded at 2 pm yesterday at negative 7 cents a barrel — far below the historic inflation adjusted low level $16.68 in Feb. 1946.
