CNN reports:

The first domino in the oil industry has fallen. Whiting Petroleum, once a rising star in the shale industry, filed for Chapter 11 protectionWednesday. The oil driller survived for years at $50-a-barrel oil. But the recent collapse to $20 proved unbearable, sparking the first major oil bankruptcy of the current crisis. Whiting (WLL) surely won’t be the last. The coronavirus pandemic has crushed the oil industry, setting off a swift …

The post CNN: A wave of oil bankruptcies is on the way appeared first on The Loadstar.

Source: The Loadstar