USA: Market Scenario U.S. Crude Oil Prices Fall below Zero Dollars per Barrel
For the first time ever, U.S. oil prices have fallen below zero dollars to a negative figure. The core reason behind this scenario is the reduced demand for crude oil across the world due to the extensive lockdowns amidst the spread of Covid-19.
USA – U.S. crude oil prices have fallen below zero for the first time in its history. The price is currently positioned at a negative -37 dollars per barrel. The reason behind this is the global pandemic of Covid-19 and the lockdown across the globe which has led to sharp fall in demand.
News reports have mentioned that 160 million barrels of oil are being stored in tankers near shipping ports around the world.