Oil prices plunged to their lowest level since at least the 1980s on Monday when the cost for a barrel of crude dropped below $1.
The coronavirus pandemic has kept most of the world at home and not using fuel to commute or travel, which has led to a devastating decline in demand. The price of oil has crashed at a rapid rate since it began the year in the $60 range, representing a drop of more than 90% in just three months. The price of oil had been hovering around $20 a barrel recently.
This is a developing story and will continue to be updated.