The price of crude oil in the US has fallen below a dollar for the first time in history.
It comes as producers in the US are running out of space to store the product amid a fall in demand due to the COVID-19 pandemic.
Reuters reports the price has fallen by more than 100% today, reaching 'negative' territory - effectively meaning producers may now need to pay to have excess supplies taken off their hands.
The biggest impact was seen in the May US West Texas Intermediate (WTI) crude futures contract, considered a benchmark for US oil prices.
The contract for June, however, was still trading at around $20.
According to the International Energy Agency, the current health crisis has seen demand for oil increase at the same time as the "already overabundant" supply is significantly increasing.
The agency says demand for oil this month is expected to fall to levels not seen since 1995.
