The price of oil, or the oil price, generally refers to the spot price of a barrel of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil, Isthmus, and Western Canadian Select (WCS) among others. Oil prices are determined by global supply and demand, rather than any country's domestic production level, although the Organization of the Petroleum Exporting Countries (OPEC) has considerable influence.
For the first time in history, oil prices drop below zero, an effect of the 2020 Russia-Saudi Arabia oil price war
For the first time in history, oil prices drop below zero, an effect of the 2020 Russia-Saudi Arabia oil price war.
On April 20, in the year 2020, For the first time in history, oil prices drop below zero, an effect of the 2020 Russia-Saudi Arabia oil price war. This event is recorded as a Historical Events event in the history of April 20, one of 323 recorded events on this date across all of history.
Key Facts
- This event took place on April 20, 2020 (AD era).
- It is categorised as a Historical Events event in recorded history.
- Referenced in 3 Wikipedia articles.
- Wikipedia source last updated on 9 April 2026.
On This Date in History 323
This article draws on content from Wikipedia, available under CC BY-SA 4.0.
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