Tag: Oil prices

Oil crashes, ends negative for the first time in history

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 fall sharply as Coronavirus darkens demand outlook

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.