US Crude Oil Prices Turn “Negative” after Record Slump, Storage Glut

The price of crude oil for contracts maturing in May plummets to -US$37 and drags down the New York and Madrid stock markets. In Brazil, the IBOVESPA also retreats.

RIO DE JANEIRO, BRAZIL - The US reserve tanks no longer have room to store crude oil, which plummeted to its lowest price this century and hit the largest slump in its history in a single day.

West Texas (WTI) futures contracts with maturity in May were traded at negative figures for the first time in history on Monday, ending the day at an impressive -US$37.63 a barrel, given the exceptional reduction in demand as a result of the crisis caused by Covid-19.

Oil's collapse also dragged down stock markets around the world: Dow Jones ended the . . .

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