The oil market’s six-week plunge

Oil prices fell into negative territory in New York trading on Monday for the first time ever, with the coronavirus pandemic slashing demand and creating a supply glut.

Here we look back at a tumultuous six-week period for black gold.

At the start of a two-day meeting of the OPEC oil-producing nations and their “OPEC+” partners including Russia, the price of crude falls below $50 dollars a barrel for the first time since 2017.

For comparison, it reached a record $145 a barrel in 2008.

The price of oil drops by 10 percent after the OPEC talks break up without agreement, Russia refusing to reduce their oil output in order to boost the market.