CRUDE OIL DROPS TO $5 PER BARREL, MARKETS DECIMATED

Crude oil is at its lowest (inflation adjusted) price for more than 30 years.

Source: MarketWatch.com
  • 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.
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