2. In the world crude oil system, Saudi Arabia's crude oil cost is nearly $5 a barrel, Russia's is more than $ 10, and only the United States reaches $40 a barrel. Therefore, after the start of this round of oil war, only the United States lost money when crude oil remained at $20 per barrel for a long time.
3. In this regard, there is a risk of collective short positions in hundreds of billions of corporate bonds of American oil companies, so the negative oil price is essentially a test of Russian and Saudi operations. Of course, we can find that on April 20, except for May crude oil futures, other Brent crude oil contracts remained at around $20 per barrel. This abnormal performance just illustrates some problems.
4. So this negative oil price is caused by the sharp drop in world demand under the influence of the epidemic and the oil war between the United States, Russia and Saudi Arabia.