Alfred Lee21 Apr, 2020

US oil prices have plunged, falling to a record low earlier today.

At one point, oil prices fell below $0 a barrel (-$-1.43), the lowest level since NYMEX opened oil futures trading in 1983.



Just last Friday, oil prices were trading at around $20 a barrel.

Consumption of oil has fallen due to nationwide shut-downs across the globe.

The demand for oil has plummeted significantly ever since the global health situation started, grinding economies and movement to a halt.

Nationwide shut-downs have resulted in minimal consumption for oil, resulting in a massive oversupply around the world.

Although efforts were put in to correct the price collapse by slashing output of over 9.7 million barrels per day, the outcome was still irreversible.