US oil price plunges below zero for first time in history

Oil prices in the US have crashed below zero for the first time in history as demand for energy plummeted due to the coronavirus pandemic.

The historic fall was fuelled by traders not wanting to get stuck owning crude oil with nowhere to keep it.

The dramatic decline in demand due to the COVID-19 crisis means that storage facilities are nearly full.

Tanks could hit their limits within three weeks, according to analysts.

Naeem Aslam of Avatrade said in a report. “The steep fall in the price is because of the lack of sufficient demand and lack of storage place given the fact that the production cut has failed to address the supply glut.”

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