Originally published at: BREAKING UPDATE: Oil Futures Down 98%, Barrel Now Cheaper than Can of Soda | Sean Hannity
UPDATE:
Oil future indexes fell by as much as 98% Monday; sending prices down to the lowest level ever recorded: $1.03 per barrel.
“Oil is getting crushed again with one futures contract down 98% to record low under $1,” blared the headline at CNBC.
“U.S. crude prices plunged to their lowest level in history as traders continue to fret over a slump in demand due to the coronavirus pandemic. The price of the nearest oil futures contract, which expires Tuesday, was the hardest hit, detaching from later month futures contracts with a drop of more than 90%. This suggests that some believe there could be a recovery later in the year,” reports CNBC.
This is a developing story. Check back for updates
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The American oil industry continued to reel during the Coronavirus pandemic Monday, with future indicators dropping approximately 70% and sending prices under $5 per barrel.
“U.S. crude prices plunged to their lowest level in history as traders continue to fret over a slump in demand due to the coronavirus pandemic. The price of the nearest oil futures contract, which expires Tuesday, was the hardest hit, detaching from later month futures contracts with a drop of more than 50%. This suggests that some believe there could be a recovery later in the year,” reports CNBC.
“West Texas Intermediate crude for May delivery tanked 76%, or $13.96, to $4.31 per barrel, its lowest level on record. Meanwhile international benchmark, Brent crude, which has already rolled to the June contract, traded 5.6% lower at $26.49 per barrel. The June WTI contract, which expires on May 19, fell about 10% to $22.54 per barrel. The July contract was roughly 5% lower at $28 per barrel,” adds the website.
This is a developing story. Check back for updates.
