Drowning in Unwanted Oil, Venezuela Starts Shutting Down Oil Wells
Oil prices are in a deep funk, and with COVID-19 depressing demand for gasoline and diesel, it doesn't look like the situation for energy companies will improve anytime soon.
This is very bad news for Venezuela.
As our friends at OilPrice.com report, futures prices on West Texas Immediate Crude Oil fell another 7.7% today, crashing to about $23 a barrel, and adding to a slump in prices that are now down 63% from early January. Even at these low prices, though -- near the lowest we've seen in five years -- there's little demand for oil in global markets.
Source Fool.com
