US oil price below zero for first time in history

FINANCIAL TIMES 🔒| The price of US oil slipped back below zero on Tuesday after plunging into negative territory for the first time in the previous session as the coronavirus pandemic crushed demand in global energy markets. West Texas Intermediate for delivery next month was trading at -$4.29 as trading began in Europe — meaning producers were continuing to pay buyers to take oil off their hands given limited access to storage. It closed Monday’s session at -$37.63, but climbed back above zero to reach $2.54 in Asian trade, before giving up its gains once again.

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