Oil prices plunged to their lowest level since at least the 1980s today when the cost for a barrel of crude dropped below $1.
Prices for West Texas Intermediate, the American benchmark of crude oil, plummeted to the lowest prices on record. US crude oil May contract finishes the day at negative $37.63; a price crash of 300 percent.
BREAKING: WTI crude oil futures trade at negative price for first time https://t.co/pOSyH6AVtP pic.twitter.com/XsoH1jG8WH
— Bloomberg (@business)
April 20, 2020Consumer demand for crude has dried up, creating a global supply glut as billions of people stay home to slow the spread of the novel coronavirus.
Experts say storage tanks across the US could hit their limits within three weeks, according to Chris Midgley, head of analytics at S&P Global Platts.
