West Texas Intermediate oil prices have fallen to $2.28 per barrel, reaching a new low for the US benchmark as the market continues to crater amid the general economic collapse.
Vanishing demand due to coronavirus-related lockdowns and travel restrictions and a glut of supply have combined to heavily tank the US benchmark fuel, as prices dropped from $18.27 to below $3 on Monday – down 83 percent from the previous day’s close.
3$ oil barrel now
As prices looked poised to drop still further than the record low, analysts noted it was possible for futures contracts to trade negative.
Source: RT
