Crude oil is at its lowest (inflation adjusted) price for more than 30 years.
- Oil prices plunged to a more than three-decade low on Monday as uncertainty mounted around storage of excess supply.
- WTI crude oil plunged as much as 71% to $5.32 a barrel, while Brent slid 7.4% to $26 a barrel at intrasession lows.
- The coronavirus pandemic has torpedoed demand for the commodity, with fuel use in cars and planes slumping.
- The commodity fallen over the past week even after OPEC and its allies agreed to a historic production cut intended to backstop prices.
- The WTI market has entered contango, meaning spot prices are now lower than prices for future delivery of crude oil, a highly unusual occurrence.