Oil price plunge shows Trump's deal with OPEC and Russia was hopelessly naive

THE SIDNEY HERALD | A week ago Donald Trump was being lauded, and patting himself on the back, for brokering a deal that saw an historic agreement between OPEC, its associate members and the US to cut global oil production. On Monday the oil price plunged below zero. In fact, the price of oil futures contracts due to expire this week closed at minus $US37.63 a barrel, having at one point traded below minus $US40 a barrel. Oil has never traded below zero previously. Why would anyone effectively pay someone else that much to take oil off their hands?


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