Oil price plummets into negative figures for first time in history as coronavirus crisis keeps US on lockdown
Oil prices in America plummeted to a historic new low today amid the coronavirus pandemic.
The price of a barrel of crude oil slumped to less than $1 (80p) - making it cheaper than a packet of sweets.
⚠️ Read our coronavirus live blog for the latest news & updates
To follow us on Facebook, simply .
Get Britain's best-selling newspaper delivered to your smartphone or tablet each day - .
Traders wanted to offload those holding so they wouldn't accumulate storage costs by having to take in the delivery.
This is a rapid descent from the $60 (£48.26) a barrel that oil was priced at a few months ago.
June future prices for WTI were also down today, but trading at above $20 (£16.09) per barrel.
The US collapse will be a blow to US President Donald Trump, who has gone to great lengths to protect the oil sector, including backing moves by Opec and Russia to cut production and pledging support for the industry.
Meanwhile, Brent Crude, which is the European benchmark, was also down to less than $26 (£20.91) a barrel.
Global oil prices have fallen as coronavirus continues to rampage across the world - with many countries under lockdown and restrictions of movement measures.
More than 2.4million people have been infected globally and the current death toll is about 168,000.
