Oil Trades at Lowest Rates in History

The oil industry is among those feeling pain due to COVID-19, and futures prices have dropped to below zero for the first time ever in history.

The West Texas Intermediate fell to negative $37.63 per barrel for May, which means that suppliers would actually pay to have traders take the crude oil, reported CNBC. 

NPR program “Market Place” program compared the situation to having a junk car that needs to be paid to be towed away.

Countries have already cut production of oil by 10 million barrels per day, and but some say that it should be cut to 25 million. So far this morning futures are trading at around 10 cents per barrel.