COMMENT: With crude prices in negative territory, what will be ‘the new oil’?

What began in March as an unofficial oil price war between Saudi Arabia and Russia has spiralled into a defining moment in the coronavirus crisis, writes Martin Kahl

Farewell, then, to the phrase “...is the new oil”—at least as a reference to anything of value. As the price of the black stuff crashed yesterday into negative territory for the first time ever, oil traders, analysts, economists and politicians scrambled to comprehend the magnitude of this historic event.

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