The price per barrel of crude oil took another tumble on Monday, which is especially concerning considering last week’s losses.
The benchmark price of oil is down just under $44 USD.
Analysts say that it’s now reached the point where some projects have been rendered unprofitable.
Patricia Lovett-Reid, CTV’s chief financial commentator says a lot of the blame of the drop in oil is because of the amount of oil in the system.
“The International Energy Agency said that in February, an excess of 115,000 barrels per day was pumped. When you look to the U.S. - where are they going to store all that oil? They're running out of capacity. So, you know, there's still so much supply, but not enough demand and oil continues down."
She says that she’s heard analyst reports that put oil in the high 30s before it bottoms out.
