US oil prices turned negative for the first time on record yesterday as North America's oil producers deal an unprecedented oversupply of crude left by the coronavirus crisis.
The price of US crude oil collapsed from $18 a barrel to -$38 in a matter of hours, forcing oil producers to pay buyers to take the glut of crude which they cannot store, as rising stockpiles of crude threaten to overwhelm oil storage facilities.
A record 160 million barrels of oil was being stored in "super-giant" oil tankers outside the world's largest shipping ports, including the US Gulf, following the deepest fall in oil demand in 25 years because of the coronavirus pandemic.
Global oil prices are expected to begin recovering over the second half of the year as tight restrictions on travel to help curb the spread of the virus are lifted, raising demand for fuels and oil.
The world's largest oil-producing nations have agreed a deal to hold back between 10 to 20 million barrels of oil a day from the global market from May, and many oil companies are likely to shut their wells as financial pressures mount.

Whitehorse artist makes Yukon radio debut with Christmas single
🎄✨ Chon-FM Christmas Dinner – Yesterday! ✨🎄
Yukon MLAs celebrate Garbage Truck Santa with tribute
NVD‑Host Society partnership powers 2026 Arctic Winter Games countdown and community giveaway
Senate Committee on Human Rights report calls for changes to government care for youth
Yukon Department of Education corrects bus cancellation rumor amid record‑cold snap
Yukon Government scraps liberal‑Initiated École Whitehorse Elementary relocation, launches community‑driven site search
Yukon Energy urges residents to conserve power during extreme cold snap
Recount confirms Liberal candidate victory in Yukon Vuntut Gwitchin district
2025 Territorial general election official results certified
Whithorse City council to vote on 2025 food for fines program proposal
Whitehorse RCMP identify remains of sudden death investigation
Whitehorse RCMP charge woman in hand cyclist collision
Taku River Tlingit First Nation engages with Canagold Resources on proposed mine project
2025 Territorial Election Interview Series: Yukon NDP candidate for Kluane John VanderMeer
2025 Territorial Election Interview Series: Yukon Party candidate for Klondike Richard Nagano
2025 Territorial Election Interview Series: Yukon Party double feature! YP candidate for Vuntut Gwitchin Sandra Charlie and YP Candidate for Southern Lakes Tyler Porter
Attempted abduction reported in Whitehorse
2025 Territorial Election Interview Series: Yukon NDP candidate for Vuntut Gwitchin Annie Blake
2025 Territorial Election Interview Series: Yukon Liberal Party candidate for Southern Lakes Cynthia James