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|Oil Price Drops To $0 Per Barrel For First Time In History by HimName: 10:35am On Apr 21|
The price of United States oil has turned negative for the first time in history.
That means oil producers are paying buyers to take the commodity off their hands over fears that storage capacity could run out in May, the BBC reports.
Demand for oil has all but dried up as lockdowns across the world have kept people inside.
As a result, oil firms have resorted to renting tankers to store the surplus supply and that has forced the price of US oil into negative territory.
The price of a barrel of West Texas Intermediate, the benchmark for US oil, fell as low as minus $37.63 a barrel.
The severe drop on Monday was driven in part by a technicality of the global oil market.
|Re: Oil Price Drops To $0 Per Barrel For First Time In History by majamajic(m): 10:38am On Apr 21|
|Re: Oil Price Drops To $0 Per Barrel For First Time In History by bluebay(m): 10:47am On Apr 21|
Lemme go buy 1Billion barrel then o
|Re: Oil Price Drops To $0 Per Barrel For First Time In History by Gucciboss: 11:00am On Apr 21|
Money that they will recover in just one month. Believe capitalism at your own peril.
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