The big picture: a brief history of oil gluts

The big picture: a brief history of oil gluts

It may be unprecedented for oil producers to pay commodity traders to take crude off their hands, but the supply and demand dynamics which forced West Texas Intermediate (WTI) prices into negative territory are standard fayre. Events from history can therefore teach us a lot about what we might expect next from oil prices. Though it should be emphasised that the events that gave rise to the current market dynamics are most certainly unique.

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