US oil prices tumbled into negative territory for the first time in history. The price of a barrel of benchmark U.S. oil plunged below $0 a barrel. May U.S. crude futures plunged to a depth never before seen, settling on the day at minus $37.63 a barrel. This is a decline of around 305%, or $55.90 a barrel.
This is being seen as a troubling sign of an unprecedented global energy glut because of the coronavirus pandemic.
How did this happen? And what does this mean for India?
Read more here:
0 Comments