Quikr Exam by Saranjit's video: Why Oil Prices are less than Zero How India is benefiting from it Hindi Quikr Exam

Why Oil Prices are less than Zero & How India is benefiting from it ? West Taxas Intermediate (WTI) is American Benchmark for crude oil which fell to less than zero on Monday’s trade i.e on 20.04.2020 WTI Oil traded as future contract where trader buy and sell monthly future e.g June future, may future Sellers of such future have to deliver a barrel of crude oil at contracted price in contracted month as buyers will have to take delivery at contracted date Now some trader have no intention to take physical delivery they just buy and sell contract to get profit or loss So seeing uncertainty they just unwind their position or simple word sold contracts before delivery to someone else For India big fall in oil import bill India is now building up its reserve, it has capacity of storing 39 million barrels of oil at its strategic reserves in Visakhapatnam, Mangalore and Padur ,these are underground salt caverns converted and build to store crude oil