The current situation on the oil market with too much supply and collapsing demand is similar to what happened in the middle of the 1980s when a glut led to oil prices staying low for 17 years, John Browne, who was chief executive at BP between 1995 and 2007, told the BBC on Tuesday. “The prices will be very low and I think they will remain low and very volatile for some considerable time,” Browne told the BBC, as carried by Reuters. “There is still a lot of oil being produced that is going into storage and not being used,” BP’s ex top executive said. Browne’s comments came a day after WTI Crude prices of the May futures contract crumbled by more than 300% to settle at -$37 a barrel—crashing into negative territory for the first time ever as traders rushed to get rid of the May contract to […]