American Oil Trades At A Record Low Due to COVID-19 Pandemic
The record breaking collapse in oil markets is showing no signs of easing anytime soon. The coronavirus crisis has caused U.S. oil prices to plunge, falling below zero, closing at negative $37.63 a barrel.
Producers are now running out of places to store all their excess barrels of crude. This is now the lowest level of U.S. oil trade in history; since Nymex opened oil futures trading back in 1983.