US oil price below zero for first time in history

PressTV 1769 views
US crude oil prices have collapsed to below zero for the first time in history amid low demands due to the coronavirus outbreak that has devastated the global market.

The U-S benchmark West Texas Intermediate plunged by more than 300 percent to minus 37-dollars and 63 cents a barrel. The drop came as energy companies run out of storage space amid sinking demand due to the Covid-19 pandemic. A decision by oil producers to cut supply by ten million barrels a day earlier this month also failed to counter the over-supply. Brent Crude also fell by more than eight percent to more than 25 dollars a barrel. The S-and-P index tumbled by four percent as a result. On Wall Street, the Dow Jones Industrial average fell over two points while the S-and-P 500 dropped by one-point-5 percent. 

Add Comments