| 18.2°C Dublin

Close

Premium

Explainer: What is happening in the oil market and will this mean cheaper prices at the pumps?

Close

Petrol pumps (stock)

Petrol pumps (stock)

Stock image

Stock image

/

Petrol pumps (stock)

CRUDE oil prices crashed to their lower levels on record this week.

So what exactly is happening in the oil market and will this translate into lower prices at the pumps?

For the first time in history US oil futures prices traded at a negative price.