Business

Trump sees oil price drop as short-term

Published on 21 Apr 2020 10:44:51 AM

US President Donald Trump described a historic drop in oil prices on Monday (April 20) as short-term and stemming from a "financial squeeze," adding the administration would consider stopping oil shipments from Saudi Arabia to lift the market.

Speaking at a daily news conference, Trump also said his administration planned to top up the nation's emergency crude oil stockpile as prices plunge.

US crude oil futures collapsed below $0 on Monday for the first time in history, amid a coronavirus-induced supply glut, ending the day at a stunning minus $37.63 a barrel as desperate traders paid to get rid of oil.

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