Oil Trade Prices Fall Below $0 For The First Time Ever

Oil Trade Prices Fall Below $0 For The First Time Ever

Assessment

Interactive Video

Business, Architecture, Engineering

University

Hard

Created by

Wayground Content

FREE Resource

The video discusses the unprecedented drop in oil prices, with West Texas Intermediate oil falling to negative $37.63 per barrel, the lowest since 1983. This drop is attributed to reduced demand due to the COVID-19 pandemic. The video explains that negative oil prices mean producers pay traders to take oil, but this won't lead to negative gas prices for consumers. Gas prices are expected to remain stable, with a potential drop in a few weeks.

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5 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What was the historic low price for a barrel of West Texas Intermediate oil?

$50.00

$0.00

Negative $37.63

$100.00

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Since when has Nymex been trading oil futures?

1975

1990

1983

2000

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What major global event contributed to the drop in oil demand?

Coronavirus pandemic

Natural disaster

Financial crisis

Technological advancement

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a negative oil price mean for oil producers?

They pay traders to take oil

They make more profit

They stop production

They increase prices

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Will consumers be paid to fill their gas tanks due to negative oil prices?

Yes, immediately

Yes, but only in certain areas

No, prices will increase

No, prices will stay the same