US oil prices crash below $0 a barrel

Oil Prices Zejt

Tista' taqra bil- Malti.

US oil prices crashed to a record low at $0 a barrel, as the market continues to reel due to the coronavirus pandemic.

International news agencies are reporting that global stocks are mixed as investors are bracing for more companies to reveal how much the crisis is costing them.

The level of US oil is at its worst since NYMEX opened oil futures trading in 1983. Monday’s plunge comes after prices hit an 18 year low last week.

As the lockdown measure has spread around the world, mirroring the spread of the coronavirus pandemic, the demand for oil has dried up. Consequently, oil firms have resorted to renting tankers to store the surplus supply, and this forced the price of US oil into negative territory for the first time in history.

If you want to be the first to receive the latest news on the coronavirus in Malta, download the Newsbook APP here.