UPDATE: Oil Prices Plummet 94% to $1.03 PER BARREL

Originally published at: UPDATE: Oil Prices Plummet 94% to $1.03 PER BARREL | Sean Hannity


Oil future indexes fell by as much as 94% Monday; sending prices down to the lowest level ever recorded: $1.03 per barrel.

“U.S. equity markets slid Monday as oil crashed toward its lowest close since recordkeeping began in March 1983,” reports Fox News. “The Dow Jones Industrial Average fell by as many as 489 points, or 2.02 percent, before paring its losses. The S&P 500 and Nasdaq Composite were down 1.53 percent and 1.01 percent, respectively, at their lows.”

This is a developing story. Check back for updates


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.