Covid-19: Oil crashes into negative territory for the first time in history


US crude oil futures collapsed below $0 on Monday for the first time in history, amid a coronavirus-induced supply glut, ending the day at a stunning minus $37.63 a barrel as desperate traders paid to get rid of oil.

Brent crude, the international benchmark, also slumped, but that contract was nowhere near as weak because more storage is available worldwide. While US  oil prices are trading in negative territory for the first time ever, it is unclear whether that will trickle down to consumers, who typically see.

This article is no longer available in our repository.

There could be multiple reasons for this.