RATE Group | Oil Futures for June Continue to Fall As Bitcoin Pushes Higher
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Oil Futures for June Continue to Fall As Bitcoin Pushes Higher

28 Apr Oil Futures for June Continue to Fall As Bitcoin Pushes Higher

Posted at 15:55h in Bitcoin News by

Markets are predicting global oil demand to stay depressed into the summer as futures for June continue to drop. Bitcoin

Oil futures suffered a historic drop recently as traders struggled to liquidate their May futures contracts. At one point, oil prices fell to double-digit negatives for the first time ever in history. Oil production continues to outpace demand and no one is sure when demand will recover to pre-COVID-19 levels.

For now, the summer is looking especially bearish.

Oil Continues to Tumble Down

At the time of writing, oil futures for June are trading under $13 according to the CME. Futures for July are now under $20. There is currently no indication that these prices will recover anytime soon.

However, some still believe that ‘fortunes will be made’ once demand rises back to…

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