Iran Press/ America: US crude prices plunged to their lowest level in history on Monday as traders continue to fret over a slump in demand due to the coronavirus pandemic.
Starting at an already record low of below $5 late on Monday, the future contract prices started trading in the negative within the hour.
US benchmark WTI oil price closed at -$37.63/barrel.
After the price drop, US President Donald Trump reiterated plans for the US to open the federally-controlled strategic petroleum reserve to store excess oil that cannot find a home in commercial storage facilities.
This is the first time in history that the US oil prices crash into negative territory as the evaporation of demand caused by the coronavirus pandemic left the world awash with oil and not enough storage capacity — meaning producers are paying buyers to take it off their hands.
