Oil prices in the US have plunged below zero as demand for energy collapses during the coronavirus pandemic. 9News
Big oil producers have announced cutbacks in production in hopes of better balancing supplies with demand, but many analysts say it's not enough."The steep fall in the price is because of the lack of sufficient demand and lack of storage place given the fact that the production cut has failed to address the supply glut."
The oilfield engineering company said that the pandemic has created so much turmoil in the industry that it "cannot reasonably estimate" how long the hit will last.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US oil prices dip below zero for the first time on recordUS oil prices crashed to unprecedented lows on Monday as futures in New York ended in negative territory for the first time amid a devastating supply glut that has forced traders to pay others to take the commodity.
Read more »
'Let us work': US protesters demand end to coronavirus lockdownsHundreds of people have protested in cities across America against coronavirus lockdowns - with encouragement from President Donald Trump - as resentment grows against the crippling economic cost of confinement.
Read more »
Oil price plunges below zero as demand collapses; stocks dipBreaking: Oil prices have plunged below zero as demand for energy collapses amid the coronavirus pandemic and traders don't want to get stuck owning crude with nowhere to store it.
Read more »
Key reason virus is out of control in USThe United States is struggling to test enough people to track and control the spread of the novel coronavirus, a crucial first step to reopening parts of the economy, which President Donald Trump is pushing to do by May 1.
Read more »
Labor joins US, UK in condemning Hong Kong arrests of democracy advocatesLabor's Penny Wong has joined the US and Britain in condemning the arrests of at least 14 veteran pro-democracy activists in Hong Kong over last year's protests
Read more »