U.S. oil prices were in record decline today. West Texas Intermediate crude futures traded below zero today. International benchmark Brent crude is also on the decline. Analysts blame falling demand due to the coronavirus pandemic.
West Texas intermediate’s May futures contracts closed on Monday at negative $35.20.
Officials say there are several reasons for the decline, including the fact that the May delivery contract is set to expire, but the coronavirus pandemic has led to a decreased demand and storage supplies are near capacity.