21 April 2020
The price for a barrel of US crude West Texas Intermediate (WTI) continued its downward spiral on Tuesday following Monday’s historic crash, which saw prices enter negative territory for the first time ever.
WTI plummeted below zero again after popping up briefly to over $1 per barrel earlier on Tuesday. US crude is trying to recover from Monday’s shocking losses when prices fell as low as -$37.63 per barrel.
The unprecedented price collapse comes as the Covid-19 pandemic keeps people at home and destroys demand for transportation fuel, which has led to overload at oil storage facilities.