The Rising Influence of Rising Affluence

[xavierprivas]

This article in Barron's explained it:
https://www.barrons.com/articles/oil-futures-prices-have-dropped-51587387499?

Quote:
The drop in West Texas oil can partially be explained by technical trading
patterns. The May futures contract expires on Tuesday, and as contracts
get closer to expiration their prices tend to converge with spot prices.
Crude spot prices have fallen into the single-digits at some U.S. pipelines
like in the Bakken shale fields in North Dakota, because there is way too
much supply and too little demand. At one Canadian pipeline, oil has even
fallen below $0. Oil may be choppy over the next couple of days as traders
shift focus to the June futures contract, which was trading at $22.43 and
had higher volume than the May contract.