RATE Group | Market Wrap: Oil in Turmoil, Bitcoin Gains Slightly to $6.9K
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Market Wrap: Oil in Turmoil, Bitcoin Gains Slightly to $6.9K

22 Apr Market Wrap: Oil in Turmoil, Bitcoin Gains Slightly to $6.9K

Posted at 01:32h in Bitcoin News by

Crude’s turmoil continues to shake global markets. Prices on West Texas Intermediate (WTI) oil futures for expiring June sank 43 percent to $12 per barrel on Tuesday. This comes one day after May WTI contract prices plunged into negative territory – as low as -$40 per barrel at one point – for the first time ever. It closed the trading day at $11.57 per barrel.

Contracts-for-difference on WTI crude oil since April 17. Source: TradingView

European stocks felt the impact first, with the FTSE Eurotop 100 index closing down 3.6 percent. Energy companies such as BP and Shell, as well as mining stocks dragged down market performance.

President Trump tweeted Tuesday a promise to bail out oil companies with stimulus. Nonetheless, the S&P 500 index slipped 3.1 percent by the end of the trading day. 

“In the coming weeks, the WTI future price will continue to be under pressure until global economic activity picks up again, particularly in the major oil consuming countries of the U.S. and…

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