Where next as oil closes below zero for first time in trading history

FORBES | Oil futures crashed below zero for the first time in history as traders facing demand declines caused by the Covid-19 or coronavirus outbreak scrambled to dump the West Texas Intermediate May contract that was set to expire on Tuesday (April 21).   

Having lost much of its value in Asian and European trading, the WTI May contract slid into negative territory stateside to finally settle at -$37.63 per barrel, down $55.90 or over 300%. Earlier in the session, it fell to a low of -$40.32 at one point and broke every record low for oil prices since records began in 1946.


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