Memes Hit High As The Demand For Crude Oil Hits Historic Low

Due to coronavirus pandemic, billion are lockdown and are staying at home. The demand for crude oil dried up. The US crude plunged more than 300% on 20th April, the historic low. As the storage space for US crude was filling up without any idea of when the consumption will start.

This is for the first time that the oil went negative. A negative price suggests sellers were paying buyers to take deliveries in a bid to avoid incurring storage costs.

Memes hit hard as crude oil drops historically.

 

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