Oil now cheaper than a 'bottle of coke': Niti Aayog CEO

After a record dip in US crude oil price, Niti Aayog Chief Executive Officer Amitabh Kant said oil had become cheaper than "a bottle of coke". Notably, US crude oil prices crashed to its lowest record in the country's history on Monday.

"History! Oil now cheaper than a bottle of coke! Never imagined this crash  & Coronavirus would both happen in my lifetime," Kant tweeted.

History! Oil now cheaper than a bottle of coke ! Never imagined this crash & #Coronavirus would both happen in my lifetime. #OilPrices pic.twitter.com/XG1uUU6Tz9

Meanwhile, the price of US crude oil collapsed from $18 per barrel to negative $38 as North American oil producers ran out of space to store oil, thus creating an oversupply of oil during the coronavirus crisis. Oil producers were forced to pay buyers to take the excessive amount of oil as they did not have any space to store it. However, things improved shortly afterwards, and the WTI crude oil is currently priced at $ 1.450 per barrel.

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