Update: Oil is now trading at negative five cents a barrel, the first time in history that oil is trading in the negative. The original article is below:
In a stunning turn of events, the price for WTI Crude Oil has crashed to less than five dollars a barrel in mid-day trading. At the time of writing this article, oil is $4.76 a barrel, shockingly lower than just a month ago.
Today alone, oil has fallen a staggering 74%, losing $13.51 today alone.
The crash has been exacerbated by the dramatic drop in demand from the coronavirus pandemic. This price is the lowest since 1973.
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