It's one of the world's most valued commodities. But coronavirus lockdowns have overturned the dominance of oil. The worth of a barrel of U.S. oil fell to less than nothing on Monday That's the first time in history, that the price has turned negative. This means producers ended up paying buyers more than $30 a barrel to get oil off their hands. It rebounded slightly to just over $2 the next day. That jaw-dropping slide is because the world has more crude than it can use.
Wednesday, April 22, 2020
Why did US oil prices hit negative territory?
It's one of the world's most valued commodities. But coronavirus lockdowns have overturned the dominance of oil. The worth of a barrel of U.S. oil fell to less than nothing on Monday That's the first time in history, that the price has turned negative. This means producers ended up paying buyers more than $30 a barrel to get oil off their hands. It rebounded slightly to just over $2 the next day. That jaw-dropping slide is because the world has more crude than it can use.
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