For the first time in history the price of US oil has fallen to $0.50 amid the corona virus pandemic since their is less demand for the commodity as many production states are on #Lockdown world wide
The oil price has fallen office the cliff to a negative low ever recorded, as airplanes, automobiles, and industries have folded off, but yet the production of the liquid gold is still at same rate which has made it difficult for consumers to contain with the excess product
Looking at US oil future today Monday April 20, 2020 West Texas Intermediate (WTI) crude has recorded a negative $36.20
Since 1861 when the first record of oil was made by BP the all time lowest sell per barrel has not gotten worse than today’s,
The situation is described as contango meaning the value for oil will rise in future, when the demand for oil will rise again, despite its current price spot
Likewise the $0 benchmark is also the first since NYMEX open futures since 1983
This will affect a lot of exporters and most countries will look to normalize this outrageous fall in price.