The price of US oil has fallen below $0, meaning that some producers are paying customers to take oil off their hands
New York/Hong Kong US oil prices crashed Monday to a record low as the market continues to be roiled by an epic collapse in demand caused by the coronavirus pandemic. Global stocks are mixed as investors brace for more companies to reveal how much the crisis is costing them.
US oil futures were down below $0 a barrel, their worst level since NYMEX opened oil futures trading in 1983. Monday's plunge comes after prices hit an 18-year low last week as markets realized that record output cuts agreed by OPEC, Russia and other producers aren't nearly enough to offset the loss in demand.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Some small businesses got $0, while lenders got billionsApproximately $6 billion of the $350 billion program went to lender fees, as provided in the legislation.
Read more »
US oil prices crash to their lowest level in over 20 years as storage runs outU.S. oil prices tumbled to their lowest level in more than 20 years on Monday, with crude storage facilities filling rapidly.
Read more »
U.S., Britain condemn arrests of Hong Kong democracy advocatesThe U.S. and Britain have condemned the arrests of at least 14 pro-democracy activists in Hong Kong on charges of joining anti-government protests.
Read more »
Coronavirus testing only part of the solution to reopen US: Dr. Deborah BirxWhile acknowledging the importance of testing, Dr. Deborah Birx, the White House coronavirus response coordinator, said that it is only part of the solution to reopen the United States amid the coronavirus pandemic.
Read more »
Coronavirus updates: US death toll tops 40,000 as stay-at-home protests continueCORONAVIRUS LATEST: • The novel coronavirus has now killed more than 40,000 people in the United States. • Pandemic has claimed the lives of more than 165,000 people across the globe. • Over 2.4 million people have been diagnosed with COVID-19.
Read more »