The price of U.S. crude oil collapsed to below zero for the first time on record, falling to negative $37 per barrel and forcing oil producers to pay buyers to take the product off their hands. As The Guardian reported last week, 160 million barrels of oil are being stored in tankers near shipping ports around the world due to the sharpest drop in oil demand in a quarter of a century because of the coronavirus pandemic and the resulting global lockdown.
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