US oil crashes below $0 a barrel

WASHINGTON: For the first time in history due to the COVID-19 Pandemic the demand decreased dramatically, the transportation and storage became so expensive that the US oil prices crashed to 0.05. Crashing below $0 means that producers are paying customers to get oil from them!

          It is pertinent to mention here that billions of people are staying home due to lock-downs, restrictions on travel and stoppage of flights. Hence demand for the black gold plunged historically. According to Energy Information Administration crude inventories in US had risen to 19.25 million barrels last week.