Among the coronavirus, the US recorded the largest decline in crude oil history. On Monday, crude oil fell by 99.58%, bringing the price of crude oil to $ 0.15 per barrel.
In the international market, the price of American West Texas Intermediate oil fell on Monday to a low of two dollars per barrel.
Traders have said that contracts for May delivery are to be settled by Monday evening but no investor is seeking oil delivery.
Due to the coronavirus epidemic in the world, all countries have put a lockdown, due to which the demand for raw pool has been completely eliminated.
Therefore, no investor is taking his delivery of oil. This situation has come in front of America because that crude oil production is going on continuously, but investors are not taking delivery of that oil.
American West Texas Intermediate oil storage tanks are now full, causing a problem of storing this crude oil.
This situation is very harmful for the country financially. This will have a very bad effect on the economy.