The price of oil dropped below $36 a barrel in early trading in New York Thursday, Jan. 15. That’s $111 less than crude was selling for this past summer.
Bloomberg reports the low price has prompted the Wall Street banking firm Citigroup to stash millions of barrels of oil it’s purchased in an offshore supertanker.
According to Bloomberg, Citigroup plans to hold on to the oil until prices go back up.
Another big banking firm, Morgan Stanley, is reportedly seeking a supertanker to store oil it purchased.
Citigroup made headlines recently when it was given $45 billion in taxpayer bailout money.