US crude oil futures collapsed below $0 on Monday for the first time in history, amid a coronavirus-induced supply glut, ending the day at a stunning minus $37.63 a barrel as desperate traders paid to get rid of oil.
Brent crude, the international benchmark, also slumped, but that contract was nowhere near as weak because more storage is available worldwide.
While US oil prices are trading in negative territory for the first time ever, it is unclear whether that will trickle down to consumers, who typically see lower oil prices translate into cheaper gasoline at the pump.
As billions of people around the globe stay home to slow the spread of the novel coronavirus, physical demand for crude has dried up, .creating a global supply glut
Soon after the news was out, many took to Twitter to react to this massive change.
The Simpsons, like many other instances, apparently predicted the oil crash prices as well.
But we're all in lockdown, with nowhere to go!
Netflix really is expensive than a barrel of oil! What a time to be alive!
And then the hilarious memes came along!
Have something to add to the story? Share it in the comments below.
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ