U.S. oil prices have dipped below zero for the first time on record thanks to an oversupply of oil that left producers without any space to store it amid the coronavirus outbreak, The Guardian reported.
"The price of US crude oil collapsed by more than 105% to -$2 per barrel in a matter of hours, forcing oil producers to pay buyers to take the glut of crude which they cannot store, as rising stockpiles of crude threaten to overwhelm oil storage facilities," The Guardian's Jillian Ambrose and Marrin Farrer write. "The crash in demand caused by the Covid-19 pandemic also forced Canada’s benchmark oil price to plunge into negative territory for the first time on Monday."
Upon hearing the news, CNN's Anderson Cooper found himself at a momentary loss on what to say.
"Um, I'm not even sure what that means," he said to fellow CNN anchor Julia Chatterley.