New Delhi: They say, laughter is the best time and in times like these, only humour can keep us sane. Also Read - US Oil Prices Turn Positive, Another Bloodbath Expected Today
As demand for energy collapses amid the pandemic, the price of an oil barrel plummeted to an all-time low in history–the cost of crude oil went down to less than $0 per barrel–on Monday evening. Wall Street’s major averages closed sharply lower on Monday as market sentiment was dented by a historic drop in US crude prices. Also Read - US Crude Oil Prices Tank to Its Worst Ever Record Below $1 Per Barrel Amid Coronavirus Lockdown
Well, the prices did bounce back after a couple of hours and traded above zero at $1.10 a barrel. However, amid the ups and downs, Twitter had a field day with memes about the oil price crash, with #CrudeOil, #OilCrash becoming the top trends. Also Read - Oil Prices Fall Further, WTI Hits USD 15 Per Barrel on Low Demand
Here are some of them:
Oil markets have plunged in recent weeks as lockdowns and travel restrictions to fight the coronavirus around the world batter its demand. As people are staying at home, large parts of the economy that use a lot of energy have shut down, all of which means less demand for oil.
The price of oil has now reached a point that it is increasingly becoming difficult for higher cost producers to remain in operation and rather look at declaring bankruptcy. A lot of US shale producers are in deep trouble and analysts expect that low oil price for few more months will result in a spate of bankruptcies in US.