West Texas Intermediate, the US benchmark, traded as low as -$40.32 a barrel today.
The main delivery point for US oil, Cushing, Oklahoma has full storage. Storage tanks at Cushing will be full in May.
The crude oil tanks around Cushing have approximately 91 million barrels of storage capacity.
Many North American regions have fallen into the low single digits as buyers are unable to take delivery.
Marketwatch has a list of a few dozen US oil companies that are at risk of bankruptcy.
SOURCES- Financial Times, Market Watch
Written By Brian Wang, Nextbigfuture.com
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
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