'Avalanche of sell orders'The latest turmoil in the oil market comes during major turbulence in the stock market. Weak air travel is depressing demandThe pandemic, along with a price war between Russia and Saudi Arabia, caused oil prices to implode this spring. US oil prices even briefly turned negative for the first time ever, bottoming at -$40 a barrel. That's why Bank of America warned in a report late last week that it will take three years for global oil demand to "normalize." Even at Tuesday's lows, US oil prices are still trading about $75 above the negative prices hit on April 20 .

Source: CNN September 08, 2020 17:03 UTC