Twitter weighs in on plunging oil prices
The collapse of the US benchmark crude oil price has left many around the globe concerned about what the future holds.
The price of crude oil fell into negative territory for the first time in history on Monday.
TimesLIVE reported that the oil price fell to one cent a barrel amid an epic supply glut caused largely by the Covid-19 pandemic.
A barrel of West Texas Intermediate (WTI) crude oil, the standard oil produced in the US, dropped to the unheard of price of a penny a barrel before inching up to $0.27 (about R5.09) at 8.15pm in New York.
The WTI contract for June delivery is trading at a still-low $22 (about R415) a barrel.
In simple terms, according to the US Financial Times, the negative oil prices mean commodity producers are willing to pay purchasers to take oil off their hands amid fears that most storage facilities will run out of space by the end of May.
On social media, this what people had to say about the matter.