Oil plunges into record lows
The price of oil has continued to slide even after OPEC and its allies agreed to the biggest-ever production cut - one intended to backstop prices. Investors remain unconvinced the cuts can offset cratering demand for the commodity as the novel coronavirus keeps society from operating normally.
Colby Fifer 
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Oil prices have plunged into negative territory to a record low on Monday, April 20th, 2020. While uncertainty mounted around the storage of excess supply.
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WTI crude oil futures expiring in May plunged more than 100% to negative $1.43, while Brent slid 7.4% to $26 a barrel at intrasession lows.
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The coronavirus pandemic has torpedoed the demand for the commodity, with the use of fuel in cars and planes dwindle.
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The commodity fallen over the past week even after OPEC and its allies agreed to a historic production cut intended to backstop prices.
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The WTI market has entered contango, meaning spot prices are now lower than prices for future delivery of crude oil, a highly unusual occurrence.
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Follow the price of oil on macrotrends
The price of oil has continued to slide even after OPEC and its allies agreed to the biggest-ever production cut - one intended to backstop prices. Investors remain unconvinced the cuts can offset cratering demand for the commodity as the novel coronavirus keeps society from operating normally.
The tensions are high, and everyone is worried. Saudis Consider Cutting Oil Output of Schedule as Price Crashes
View the charts for WTI and BRENT crude oil below. (charts courtesy of Macro Trends)
WTI Crude Oil Prices - 10 Year Daily Chart
Brent Crude Oil Prices - 10 Year Daily Chart
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