The collapse of US oil prices to minus 37 for the first time in history

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ATLANTA, USA (CNN) – US crude oil futures fell Monday, bringing the price of a barrel to less than minus $ 37, for the first time in history.

The price of a barrel of US crude oil reached minus $ 37.63, dropping the price of the barrel to below zero for the first time since the start of selling futures contracts in 1983.

The historical collapse showed excess pumping volume compared to the demand for oil prices in light of the outbreak of the Corona virus, amid fears that the world will find itself unable to find places to store oil drums, while producers pay money to get rid of the barrels they have.

Part of the reason for the volatility of oil prices is due to the sharp decline in the volume of trade in the May contracts, which expires on Tuesday.

Although the value of futures contracts for May became negative, the value of those related to June is still more than $ 20 a barrel, while the price of a barrel of Brent crude oil, the international brand, reached more than $ 25 a barrel.

The price of US crude oil ended Friday at $ 18.27, which means that prices are over 200% in a single day.



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