Those who bought a barrel of WTI oil at year-end had to pay around $ 60. Since then, the giants are almost an understatement to describe what happened to the oil price. On Monday, the price fell by more than 99 percent, and a barrel traded for around a cent. It is by far the lowest price since it began trading in WTI oil in 1983.

At the same time, the Brent oil has dropped about eight percent, to just over $ 26 per barrel.

price Collapse

The case is the fastest and biggest ever when it comes to WTI oil. Alarms that oil stocks in especially Oklahoma will soon be full behind the collapse. In addition, weak financial figures from the important economies Japan and Germany caused the market to doubt that oil consumption will recover in the near future.

"Nobody wants the oil," says Thina Saltvedt, an oil analyst at Nordea, adding that the situation is extreme:

- It's totally crazy. I've never seen anything like it.

At the same time, Canadian crude oil has plunged even more - and several types were priced minus on Monday. So the oil companies had to pay to get rid of the oil, and analysts worry that the same thing will happen to the US oil, CNBC reports.

Insufficient measures

The fall will come despite the fact that oil production in May and June will decrease by 9.7 million barrels a day, which corresponds to about 10 percent of the global supply of oil, according to the oil agreement between Opec and another ten oil-producing countries (Opec +). But that is not enough to stave off the rising stocks of oil.

-There is much needed to balance the market. These measures are not believed to be large enough and will not prevent the world's oil stocks from being replenished, says Thina Saltvedt.