Oil prices dropped to nearly $1 a barrel on Monday, which is the lowest prices have ever been since record-keeping began in 1983. crisis.
Oil prices made the historic fall on Monday, hitting the lowest point on record ahead of the May contract’s Tuesday expiration. West Texas Intermediate crude oil futures fell by 94% to $1.02 for May, the cheapest it has ever been since record-keeping began in March 1983, according to Dow Jones Market Data.
CME group, which operates the exchange where WTI trades, even said on Monday that prices could drop below zero and into the negative for the upcoming contract, which means contractors would be paying buyers to take the oil in an attempt to stall the shutdown of fields long enough to outlast their competition in the industry.
Still £110p at the pumps ...
So obviously the pricing at the pumps will reduce to reflect this?
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