Oil price nosedive to record low

By Syed Sajid Aziz, updating from USA
(Pakistan News & Features Services)

April 20, 2020 became historic day of sorts as the oil prices nosedived to the lowest-ever price in memory. It’s a forgettable day for the oil producing countries as the oil prices came crashing down to nearly $1 a barrel.

Following the global slowdown due to coronavirus (COVID-19) there were speculations that oil prices will be dipping below $10 per barrel but, despite the shrinking demand, not many analysts could have predicted it going so low.

There are reports coming out from Canada that a few oil blends have fallen into negative territory, meaning that the producers would have to pay to give their barrels away.

It remained unclear at this point of time how long this oil crisis will continue leaving even the industry professionals amused by the turn of the events.

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