Twitter weighs in on plunging oil prices
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Image: AFP
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.
So the #OilPrice has gone down to less than $ 0 per barrel. Does that mean that countries will be paid to buy oil? On a serious note, this is truly unprecedented and paints a frightening picture of economic future globally. #OilCrash
— Rifat Jawaid (@RifatJawaid) April 20, 2020
For those that didn't understand the stuff, 1 barrel of oil is equivalent to 158.987 litres. Now 1 barrel is just $0.5. Which is equivalent to #195. Meaning 159litres of oil cost N195 only in the global market presently. And oil is our major export. #OilCrash #OilPrice #CrudeOil pic.twitter.com/fT4x0OldUG
— SMOG (@oladelesemiu) April 20, 2020
2020 in one sentence: A roll of toilet paper is worth more than a barrel of oil. #OilCrash #OilPrice #CrudeOil pic.twitter.com/m9U8EW3tSd
— usama sheikh (@usamasheikh02) April 20, 2020
Used to hear from our teachers about negative price in our basic Econ class, they always told us it is practically impossible, and here we go.#OilCrash pic.twitter.com/REi1A6FCde
— Naqeeb Aftab (@naqeebaftab_) April 20, 2020
I can comfortably buy more than 5 barrels of oil and my account balance won't shake. What a time to be alive#OilCrash pic.twitter.com/z5tjOTK9eY
— Tams (@TamsTmk) April 20, 2020
I saw history today and I never believe we can ever have a day like this, it will surely bounce back but I saw the day Crude Oil traded at Negative $1 per barrel where a bottle of Beer and Coke is more expensive than a barrel of Crude Oil#OilPrices#OilCrash pic.twitter.com/n9WCIP32AD
— L.A (@lawnreigh1) April 20, 2020
I was there when oil WTI traded at a NEGATIVE -30 Dollars.
— Mihir Vora (@theMihirV) April 20, 2020
And was down -266% in a DAY
At a time when the whole world was in a lockdown due to a PANDEMIC
Tales for the grandkids. #crudeoil #pandemic #WTI #lockdown #OilPrices #OilCrash #Brent #Futures barrel OPEC negative pic.twitter.com/KkAOoVjDu1
Everything has it is day, finally we found something that five naira can buy.
— Al'ameen✨ (@Al_ameen_Yabo) April 20, 2020
"Nigerian govt i want to buy 50 barrels of oil, you can keep the 2kobo change".#oilcrash #OilPrices #OilPrice pic.twitter.com/wVLAhYt3Eh
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