US oil prices reach record low as coronavirus causes massive dip in demand

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The US oil market has turned negative for the first time in its history, as stockpiles have overwhelmed storage space.

The price of US crude oil fell by more than 105 per cent to -$2 per barrel, causing producers to pay buyers to take the oversupply.

Widespread lockdowns and social distancing measures are in place across US cities due to the coronavirus pandemic, which has led to an unprecedented fall in demand.

Rohan Banerjee is a Special Projects Writer at the New Statesman

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