Crude oil trades as low as at $10 a barrel in North America amid Covid-19 crisis

The coronavirus pandemic has heavily impacted crude oil sales across North American hubs. Picture: Richard Drew

Crude oil is selling for less than $10 a barrel across key North American hubs as the global demand shock from coronavirus leaves crude with nowhere to go.

The coronavirus pandemic has hit demand so hard that as benchmark futures plunge to their lowest in 18 years, oil is backing up throughout the distribution system, raising the prospect that producers will need to shut in wells.