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US oil prices hit record low, falls below $0/barrel

The US crude oil futures collapsed below $0 on Monday for the first time in history, amidst the coronavirus pandemic. The price of America’s most closely watched oil crashed to as low as minus $37.63 a barrel. Brent Crude, the international benchmark, also slumped, but that contract was nowhere near as weak because more storage is available worldwide. According to Reuters, the US West Texas Intermediate (WTI) contract fell from $17.37, or 99 percent, to $0.15 a barrel after touching an all-time low of $2.26.

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Akshay Washindkar
23, Aspiring Actor, Screenplay Writer, Filmmaker, Content Writer @Headline English.