Oil became cheaper than free, incredible news came from the US and Canada
Globally, the lockdown caused by the Corona virus has left oil consumption unaffordable, causing prices to go down negatively and companies are now giving people money to buy oil.
Oil prices went negative in Canada on Monday, after which oil companies sought help from the government. According to the Huffington Post, prices in Canada have gone negative due to non-oil consumption and many oil-producing traders are willing to pay people to buy oil.
On Monday, the price of a barrel of Western Canadian oil fell to minus $ 15. During the recent lockdown, the production of oil continued, but none of its buyers, resulting in the loss of storage space for the crude oil producers, led to the companies buying oil instead of taking money. Offering giveaway.
On the other hand, a similar situation has arisen in the US and oil prices can go negative at any time. According to global market data, the price of WTI crude oil has fallen to $ 1.5 billion a barrel at the moment, with oil prices down nearly 92% on Monday.
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