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Oil prices reach historic low

Wendy Gray
By Wendy Gray

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

 

Wendy Gray
Wendy Gray

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