As the physical demand for crude oil decreased due to coronavirus lockdown, US oil prices turned negative for the first time in history on Monday. The price of US crude oil fell from $18 a barrel to -$38. Due to which firms have resorted to renting tankers to store the surplus supply of oil which has caused the price of US oil go negative. Which means those contracted to produce oil had to pay buyers to take it off their hands. US benchmark WTI oil price closed at -$37.63/barrel in New York. As the situation continues, a tank full of memes on the crude oil prices began to trend on Twitter. Funny memes and hilarious jokes on the situation is being widely shared on the micro-blogging platform. Jofra Archer Prophecy: England Cricketer's Old Tweet Goes Viral As Oil Prices in US Turn Negative.

From jokes on Organization of the Petroleum Exporting Countries (OPEC) to the situation on countries known for oil production, Twitter is flooded with quite some hilarious videos and pictures. Some also made reference to the video memes of Ghana's dancing pallbearers who match steps carrying coffins at funerals. Pictures of the coffins being replaced with that of oil barrel referring to the situation have also gone viral. Funeral Dance Video Funny Memes & GIFs: Ghana’s Dancing Pallbearers Carrying Coffin Are ‘Best Friends’ Who Will Make You Laugh Till You Cry.

Oil Producing Countries Right Now!

The Barrel's Funeral!

HAHAHAH

Terrible Times!

Twitterati Being Brutal!

Prices rebounded to zero on Tuesday, with US benchmark West Texas Intermediate for May delivery changing at $0.56 a barrel. With space to keep the oil being amid the current situation, there are quite a few buyers for the commodity right now. Futures for May delivery of West Texas Intermediate rose nearly $39, however, a barrel is still $1.76 a barrel. Coronavirus lockdown and social distancing have reduced the physical demand of the oil which has caused the drastic dip in the prices. Meanwhile, Twitterati continues to share memes and jokes on the situation of the oily situation in the world.

(The above story first appeared on LatestLY on Apr 21, 2020 08:46 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).