At 4:57 p.m., the oil market showed prices sitting at $-37.63 after dropping drastically over a few hours.

According to numerous reports, along with the Perryman Group and Prudential Market Analysts, this is the first time that oil markets have closed this low.

Original Post: Oil prices are dropping quickly. According to Oil Price.com WTI is sitting at $1.28 at 12:54 p.m. Monday. 

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