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The Price Of Oil Is Now Less T...

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The Price Of Oil Is Now Less Than $0.00 Per Barrel

98FM
98FM

04:00 21 Apr 2020


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Oil prices plummet

The price of oil is now less than zero dollars a barrel in America.

This drop has been happening over a number of weeks as demand is down due to COVID-19.

However, oil companies are now paying businesses to take the product off their hands.

Oklahoma Sunset Oil Rig Free Stock Photo - Public Domain Pictures

An oil rig in Oklahoma.

With most of us isolating at home, the world isn't using the same quantities of oil as it once did.

Oil producers now have more oil than they can sell and oil is expensive to store.

So expensive in fact, that producers are resorting to giving their product away for free.

Yesterday the benchmark price for crude oil in America was minus $37.63.


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