Oil prices in the US have crashed below zero for the first time in history as demand for energy plummeted due to the coronavirus pandemic.
The historic fall was fuelled by traders not wanting to get stuck owning crude oil with nowhere to keep it.
The dramatic decline in demand due to the COVID-19 crisis means storage facilities are nearly full.
Tanks could hit their limits within three weeks, according to analysts.
Naeem Aslam, of Avatrade, said in a report: “The steep fall in the price is because of the lack of sufficient demand and lack of storage place given the fact that the production cut has failed to address the supply glut.”
David Winans, of US Investment Grad Credit Research, said: “Today’s price move feels like oil is passing a kidney
“A very painful move but it can’t last for long, since producers are switching off wells as we speak.”
He argued the demand shock from coronavirus was “overwhelming everything”.
Mr Winans added: “Ultimately, the path for oil prices is going to follow the path of this virus.
“Until demand shows some sign of life, oil prices will likely remain on life support.”