West Texas Intermediate oil prices have gone negative in a record low for the US benchmark as the market continues to crater amid the general economic collapse.

Vanishing demand and a glut of supply have combined to heavily impact the US benchmark fuel, with prices dropping from $18.27 to close at -$37.63 a barrel on Monday – down over 300 percent from the previous day’s close. It’s the first time the oil futures contract has ever traded in the negative since the New York Mercantile Exchange (NYMEX) started trading crude oil futures in 1983.

The collapse in oil markets comes amid a generalized economic downturn, with the coronavirus pandemic plunging most of the world’s economies into a downward spiral many believe will be the deepest since the Great Depression of the 1930s.



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