US crude oil futures turned negative on Monday for the first time in history, ending the day at a stunning minus $37.63 a barrel. Traders sold heavily because of rapidly filling storage space at the key Cushing, Oklahoma, delivery point. The May U.S. WTI contract fell $55.9, or 306 per cent, to settle at a discount of $37.63 a barrel after touching an all-time low of -$40.32 a barrel.
Oil prices fell sharply today, with crude oil near an 18 year low and Brent hitting its lowest since November 2002, as the global coronavirus pandemic worsens. Saudi Arabia-Russia price war shows no signs of abating which could also be one of the possible reasons behind. U.S. West Texas Intermediate (WTI) crude futures fell as far as $19.92, near an 18-year low hit earlier this month, and was last trading down 3.77%, or $20.70 a barrel.