As oil prices dropped to unprecedented negative levels Monday, experts say it is all the result of an oversupply problem that was pushed to this point due to stay-at-home orders related to COVID-19.
Crude oil prices hit their lowest level since 1986 and are down more than 80 per cent since the beginning of the year to levels below break-even, that has forced Canadian producers to cut production.
As of Monday afternoon, the price of North American benchmark West Texas Intermediate (WTI) crude oil dipped 300 per cent to close at negative $37.63 a barrel — which meant producers were paying buyers to take their product.