Q&A: Oil prices hit new lows as economic pain deepens
April 22, 2020
NEW YORK (AP) — A barrel of oil now costs less than a cheap bottle of wine.
U.S. benchmark crude was trading as low as $6.50 a barrel Tuesday, more than 80% lower than the start of the year. The dizzying drop reflected stark suffering in the global economy that has left vastly diminished demand for oil.
There's little mystery around the sharp drop-off: Efforts to limit the spread of the coronavirus have major cities around the world on lockdown, air travel has been seriously curtailed and millions of people are working from home, leading to far fewer commuters on the roads.
But pumps ar...