Following last week’s historic market crash, West Texas Intermediate (WTI) crude oil lost ground again on Tuesday, April 28th and the US benchmark was 15-20% lower when looking at the front-month June contract, which expires in late May. At the time of writing, the WTI June contract was trading near 10 USD per barrel while EU Brent oil is hovering at around 20 USD per barrel.
Why Is Brent Crude Oil A Popular Choice Among Traders Now?
US WTI crude oil prices are suffering mainly due to lack of storage space, whereas EU Brent crude oil producers were able to rent out ships to store their oil. This solution has allowed Brent to stay ahead of WTI over the past week, despite the historic market crash. At the time of writing, Brent prices are relatively stable in comparison to WTI price volatility.
Why Are Traders Choosing Axiory to Trade Crude Oil?
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