Oil Prices Plummet to Minus $37 a Barrel U.S. crude prices reached their lowest level on record, with West Texas Intermediate crude dropping to minus $37.63 a barrel.
Oil’s May contract, known as its front month, has been hit the hardest with deliveries set to take place while the country is on lockdown.
As demand for gasoline from refineries decreases, storage tanks are also beginning to near their limits.
ANZ strategist Daniel Hynes, via ‘Squawk Box’ OPEC and its oil-producing partners finalized a historic agreement earlier this month to cut production by 9.7 million barrels per day on May 1.
