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In an unprecedented wipeout, oil closes below zero
Source: Julia Horowitz, cnnbusiness.com, April 20th, 2020
The collapse in the oil market shows no signs of easing. Oil fell today to $-37.63 a barrel as COVID-19 diminishes demand and producers run out of storage.
What’s happening: US oil prices plunged, falling below $0 Monday to $-37.63 a barrel.
That’s the lowest level since NYMEX opened oil futures trading in 1983.
The selloff can be attributed in part to market mechanics. The May futures contract for West Texas Intermediate, the US benchmark, is about to expire. Most investors are already focusing on the June contract, thinning out trading volume and feeding volatility, UBS analyst Giovanni Staunovo said.
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