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HomeNewsOil prices reach historic low

Oil prices reach historic low

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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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