American crude oil.
(Image credit: DAVID MCNEW/AFP via Getty Images)

Oil prices just took a massive dive and reached a jaw-dropping new low.

On Monday afternoon, West Texas Intermediate crude oil futures for May fell more than 300 percent to a record low of about negative $37 a barrel, Fox Business reports. This was the first time ever that WTI crude oil futures traded at a negative price, Bloomberg reports.

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Brendan Morrow

Brendan worked as a culture writer at The Week from 2018 to 2023, covering the entertainment industry, including film reviews, television recaps, awards season, the box office, major movie franchises and Hollywood gossip. He has written about film and television for outlets including Bloody Disgusting, Showbiz Cheat Sheet, Heavy and The Celebrity Cafe.