U.S. crude prices plunged to their lowest level in history as traders continue to fret over a slump in demand due to the coronavirus pandemic.<\/p>\n
West Texas Intermediate crude for May delivery sank to just one cent per barrel, its lowest level on record.<\/p>\n
The front part of the oil futures \u2018curve,\u2019 which is the May contract that expires on Tuesday, was hit the hardest since it applies to fuel that\u2019s set to be delivered while most of the country remains on lockdown thanks to the coronavirus. There\u2019s little demand for gasoline from refineries, and storage tanks in the U.S. are nearing their limits.<\/p>\n
A key American oil benchmark, West Texas Intermediate, fell by more than 80% on Monday as global oil markets continue to grapple with a pandemic-driven collapse in demand.<\/p>\n
At the start of 2020, a barrel of WTI cost around $60.<\/p>\n
Shortly after 1:40 p.m. ET on Monday, a barrel was trading for less than $2 \u2014 the lowest price the WTI futures market has ever seen.<\/p>\n","protected":false},"excerpt":{"rendered":"
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