Oil Price

Business • Economy
Price for US Western Texas Intermediate oil turns negative
Pumpjack located south of Midland, Texas
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.