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Oil price: US benchmark WTI collapses to $0.01 per barrel
Update: US benchmark WTI oil price closes at -$37.63/barrel.
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The US benchmark crude oil price collapsed on Monday, falling to one cent a barrel amid an epic supply glut caused largely by the coronavirus pandemic’s hit to demand.
Oil price hits new record low
After beating the record low multiple times, West Texas Intermediate (WTI) for May delivery continued to sink to the unheard of price of a penny a barrel, before inching up to $0.27 at about 1815 GMT in New York.
Sellers of the May contract have just one more day to find buyers, but with storage in short supply, they are struggling to find takers.
The WTI contract for June delivery is trading at a still low $22 a barrel.
This is a developing story, more details to follow – Agence France-Presse (AFP)
