USA Oil Price Fall Below $0
For the first time in history, the price of US oil has turned negative. Watch our video for an in depth coverage.
Due to the coronavirus lockdowns, the worldwide demand for oil has reduced drastically. Hence, oil companies have to rent tankers to store the surplus supply.Companies are selling the oil at a very low price because they are worried they will not have space to store the oil in May and the oil will go waste.
Because of this for the first time in history, the price of US oil has fallen below $0. Now the price of one barrel of oil is minus $37.63. Right now the world has more crude oil than it can use and there is very less storage.
Until the lockdown rules are eased and the global pandemic situation comes under control, the demand for oil will not increase.
