This is Why Oil Could Drop to $10 a Barrel

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Oil Rig Over Sea Against Sunset Sky

There were hopes oil would recover.

Unfortunately, that may not happen any time soon.  For one, there’s still plenty of demand destruction.  With many of us forced to stay indoors thanks to the coronavirus, demand has dropped.  Worse, without demand, there’s now far too much supply.  In fact, the world is running out of places to store the excess.

Global oil storage could easily reach maximum capacity in just weeks.  “With demand collapsing but supply rising after OPEC and non-affiliated R...

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