The US oil market witnessed history as the price dived under $0 a barrel for the first time as the coronavirus pandemic bites.
US oil prices crashed below $0 a barrel on Monday and spiraled into negative territory for the first time ever. In a historic crash, oil futures opened at their lowest level since 1983.
With hundreds of millions of people around the world staying at home to stop the spread of COVID-19, travel by car or plane is nearly nonexistent. Factor in a major lag in manufacturing and other economic activity that requires oil and the reasons for the dramatic crash become apparent. For those still traveling, it’s not uncommon to see gas prices under $1 per gallon at stations across the US these days, though it’s left those businesses hurting.
Read full story here: Oil Prices Dip Into Negative Territory As Market Crashes | Roadshow
