Oil price crashes below $0 a barrel in historic low

Oil price crashes below $0

Oil price crashes below $0 a barrel in historic low all over the world due to the effect of the coronavirus outbreak hitting the oil market

The MarketWatch reported that the price of crude oil fell below the negative mark hitting the mark at a $-37.63 value as at today

This means that the oil investors will have to pay their buyers for oil delivery 9jatalkative reports

According to MarketWatch, the lack of space for the storage of crude oil as well as the reduction in oil demand is the cause of the oil drop

The impact of the coronavirus outbreak has affected the demand of crude oil all over the world

Due to the coronavirus outbreak a lot of persons are at home and the rate of car usage and air travel has reduced

This has led to a significant drop in the demand for crude oil thereby causing the drop as Oil price crashes below $0 a barrel in historic low

Oil producing countries have met to agree that the oil production rates will now be at 9 million barrels per day

The 9 million barrels per day is to avoid the surplus which will help meet the demand reduce the drop

This update that Oil price crashes below $0 was reported initially by MarketWatch and followed up by 9jatalkative

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