Crude Oil Crashes Astronomically, Sells For Less Than $0

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US crude prices plunged to their lowest level in history on Monday as traders continue to fret over a slump in demand due to the coronavirus pandemic. Starting at an already record low of below $5 late on Monday, the future contract prices started trading in the negative within the hour. US benchmark WTI oil price closed at -$37.63/barrel. 

On Monday, a technical oddity exacerbated the price plunge as traders fled the May futures contract ahead of its expiration tomorrow [Tuesday]. The following month’s contract [June] fell 11 per cent to under $22.22 a barrel.

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