Crude Oil Takes A Dive

Oil plunged to a record low on Monday. The commodity's latest round of sharp selling comes as uncertainty mounts around storage for excess oil. Demand for crude has plummeted since the coronavirus outbreak has frozen activity worldwide.

The price of West Texas Intermediate crude oil futures expiring in May plunged as much as 99% to 1 cent a barrel, its lowest level on record. Brent crude losses were muted by comparison, with the commodity sliding 7.4% to $26 a barrel at intrasession lows.

The price of oil has continued to slide even after OPEC and its allies agreed to the biggest-ever production cut — one intended to backstop prices. Investors remain unconvinced the cuts can offset cratering demand for the commodity as the novel coronavirus keeps society from operating normally.

Crude Oil is Currently -35.20.