US main oil prices crashed below zero dollars for the first time in history as a triple threat of record-low demand, oversupply and low storage facilities for crude oil pushed price to its lowest ever Monday.
West Texas Intermediate, the US marker, lost more than 250 percent on Monday to trade as low as -$40.32 a barrel in a day of chaos in oil futures markets, FT reported.
Brent slid almost 10 percent to $25.78 in an apocalyptic day for oil, making nothing of OPEC+’s plan to cut supply by at least a tenth of global supply
SOURCE:BUSINESS DAY
