U.S. oil prices drop to record level below $10 per barrel

Oil fell to $1.34 per barrel earlier today, or 94 percent, lower since 1983.

Coronervirus' pandemic has significantly reduced demand, and the prices of the black cherar are no surprise.

Prices were not influenced by the fact that members of the Organisation of Exporting Oil Countries (OPEC) and allies signed an agreement to reduce production by 9.7 million barrels a day.

The loss of the WTI oil price has fostered a lack of storage capacity, since the body of coronavirus has drastically reduced the global demand for the most important energy source.

Earlier this month, analysts warned that the Coronavirus would have an extremely negative impact on oil prices.