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Oil Prices at Record Low

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UNITED STATES oil prices crashed to below $5 on Monday, the lowest since 1983.

This is because demand has dried up due to the coronavirus pandemic and storage has run out.

West Texas Intermediate, the US marker, sunk to a low of $4.04 a barrel on Monday.

US storage facilities were now struggling to cope with the glut of oil, weakening prices further, the BBC reported.

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