mo4ch:>Why did the oil market crash into negatives? RT’s Max Keiser gives his take on record-low crude prices & broken banking system | Mo4ch News
Oil’s dramatic price plunge into negative territory is merely one “severed limb” of a dying “banking beast,” says RT’s Max Keiser, warning that longterm fallout from the 2008 financial crash has rendered price signals meaningless.West Texas Intermediate (WTI) crude futures – the main US benchmark – saw an unprecedented drop on Monday, settling at a historic low of -$37.63 per barrel and dipping into negative territory for the first time since the New York Mercantile Exchange (NYMEX) opened its doors in 1983. While the freefall was helped along by dissolving demand amid the global coronavirus pandemic and the aftermath of a Russia-Saudi price war, Keiser said the problems go much further, pointing to deep-seated structural flaws in the world economy.“Intuitively, the casual observer is utterly perplexed when they hear the price of oil has gone negative and they are right to think something is fundamentally wrong with this market,” Keiser said. “Negative oil-futures prices means you’re …