US oil price below zero for first time in history

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US crude oil prices have collapsed to below zero for the first time in history amid low demands due to the coronavirus outbreak that has devastated the global market.


The U-S benchmark West Texas Intermediate plunged by more than 300 percent to minus 37-dollars and 63 cents a barrel. The drop came as energy companies run out of storage space amid sinking demand due to the Covid-19 pandemic. A decision by oil producers to cut supply by ten million barrels a day earlier this month also failed to counter the over-supply. Brent Crude also fell by more than eight percent to more than 25 dollars a barrel. The S-and-P index tumbled by four percent as a result. On Wall Street, the Dow Jones Industrial average fell over two points while the S-and-P 500 dropped by one-point-5 percent. 

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