US crude oil price plunges below zero

New Delhi: For the first time ever, US oil prices on Monday crashed below zero as the demands collapsed due to the coronavirus pandemic.

The US marker West Texas Intermediate (WTI) lost over 100%, sinking below zero to -$6.60 a barrel, on May contract, according to update at 2:18 pm EDT.

The crash in oil prices came on warnings that crude oil storage could fill up soon as stockpiles continue to build because of the crash in consumption caused by the coronavirus outbreak.

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