Decline in the Price of WTI Crude

What is serious about the unprecedented decline in the price of WTI crude?

The price of May contracts for West Texas crude fell into negative territory (minus $37.63 a barrel) yesterday; which means oil producers that are running out of storage capacity, prefer to offer the lowest prices we could ever imagine.
WTI crude price is far below the lowest level we previously have seen since 1946, just after World War II. Analysts believe the collapse in oil demand and travel restrictions around the world (Aviation industry is the main consumer of WTI crude) are the main reasons.
Despite the sharp decline, crude oil for June and July delivery still costs more than $20. A reduction in production will rebalance the market, analysts say. President Trump has also announced that he would take advantage of low prices and buy 77 million barrels of oil, to not only help US oil companies, but also improve the nation's Strategic Petroleum Reserves.
Historically low price is also good news for Asia. Both India and China have experienced sever rates of inflation recently, thus, lower oil prices will help them to alleviate the pressure for months to come.