JUST IN: US Oil Price Collapses to $0.01/Barrel

The US benchmark crude oil price fell on Monday, dropping to a penny a barrel amid a significant oversupply caused in large part by the impact on coronavirus pandemic demand.

After hitting the record low several times, the West Texas Intermediate (WTI) for delivery in May continued to fall to the unprecedented price of a penny per barrel, before reaching $ 0.27 at about 1815 GMT in New York.

May contract sellers have just one more day to find buyers, but with scarce stock, they are struggling to find buyers.

The WTI contract for delivery in June is trading at $ 22 a barrel still low.