Crude Oil Price Falls, Cheaper than a Packaged Drinking Water!

New Delhi : Due to the worldwide infection spread of Coronavirus, the prices of crude oil have fallen down. New York has recorded the biggest drop in crude oil prices.

On April 20, in the New York Oil Market, oil prices fell so down that crude oil became cheaper than bottled water. The fall in crude oil prices is for the supply to be done in the month of May.

The US benchmark fell to a record here and the oil prices for May fell to $ 1.50 a barrel. This was a 90 per cent drop in crude oil prices in a day.

The contract for the supply of crude oil in May is to end on April 21, but there are no buyers of oil. Because large population of the world is currently locked in homes and many countries of the world are not using oil.

During the trading session, prices continued to fall further in the market. Crude oil contracts for May declined 301.97 percent at US benchmark West Texas Intermediate in New York on Monday and stalled at $ 36.90 a barrel. The prices of crude oil supplied in May were at a maximum of $ 17.85 per barrel and a minimum of $ 37.63 per barrel. The market finally closed at $ 37.63 per barrel. This is the first time crude oil prices have gone negative in New York.

Going down the prices of crude oil does not mean that today or tomorrow oil will become cheaper. In fact, the contracts that are given for the supply of crude oil in May have now gone negative. Oil sellers are asking the countries of the world to buy oil, but the oil spending countries do not need it, because their billions of population are sitting in homes, so they are not buying oil. Their oil reserves are full, they do not have space to store new oil due to the lack of space. So they are not buying oil.