COVID-19 effect: Oil plunges below $0 per barrel for the first time in history

crude oil
Representational image

The US benchmark crude oil price collapsed on Monday, falling below $0 a barrel amid an epic supply glut caused largely by the coronavirus pandemic’s hit to demand.

After beating the record low multiple times, West Texas Intermediate (WTI) for May delivery continued to sink to the unheard of price of a penny a barrel, before inching up to $0.27 at about 1815 GMT in New York. The WTI contract for June delivery is trading at a still-low $22 a barrel.

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(With agency inputs)

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