2020day.year
For the first time in history, oil prices drop below zero, an effect of the 2020 Russia-Saudi Arabia oil price war.
For the first time ever, oil prices plunged below zero amid the 2020 Russia-Saudi Arabia oil price war.
On April 20, 2020, global oil futures plunged below zero for the first time in history.
Oversupply and storage shortages amid the Russia-Saudi Arabia price war drove WTI crude prices into negative territory.
Traders paid buyers to take oil off their hands as storage facilities neared capacity.
The unprecedented market turmoil rattled economies dependent on oil revenues.
Analysts warned of long-term impacts on energy companies and commodity markets.
Governments and central banks intervened to stabilize financial and energy sectors.
The crash highlighted vulnerabilities in the global oil trading system.
It remains a stark example of how geopolitical disputes can disrupt markets.
2020
oil prices
below zero
2020 Russia-Saudi Arabia oil price war