Oil Price

2020-04-20T20:24:28+00:00

Business • Economy

Price for US Western Texas Intermediate oil turns negative

Pumpjack located south of Midland, Texas **Credit:** Eric Kounce (Creative Commons CC0 Waiver)

Oil producers have started paying buyers to take the oil out of their hands, as storage capacity is running low. A worldwide overproduction of oil is currently recorded due to a decline in demand following the spread of the coronavirus.

The lowest recorded price for a barrel (around 159 liters) of West Texas Intermediate oil was recorded at minus $37.63.

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