Oil Price Plunges To $0.15 Per Barrel, The Lowest Since 1915
The US crude, also known as West Texas Intermediate, is currently trading in negative territory at $-2 per barrel.
This is the lowest point ever.
The last time prices dipped so low was in 1915 when it traded at 40 cents.
In contrast, Brent crude is trading at $26.36.
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The New York Mercantile Exchange (NYMEX), a commodity futures exchange owned and operated by CME Group of Chicago, was quoted on Monday to have said WTI May futures could drop into negative territory.
“It is now possible to negative price for May futures only,” a CME Group spokesman said.
The percentage change in price is estimated -110% by Bloomberg energy terminal.
At the beginning of 2020, WTI crude was trading at $60 per barrel.
However, reduced demand due to the coronavirus pandemic and a price war between Saudi Arabia and Russia saw prices plummet.
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