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HomeNewsOil prices reach historic low

Oil prices reach historic low

U.S. crude prices on the May contract have dropped below zero for the first time in history.
The price for oil has entered uncharted territory as it dropped to negative $1.43, down 106% on the May contract. The extreme drop is because of oversupply caused by plummeting demand that pushes storage facilities to their limits.

**Written by Mo Fahim

 

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