NEW DELHI : The historic collapse in oil prices accelerated on Tuesday, leaving oil traders reeling, even as the economic pain spread to major producers of the commodity and stocks, threatening to tip the sluggish global economy into a deep recession.
The world’s most important commodity, also known as black gold, lost all value as the US ran out of space to store oil with the coronavirus pandemic sapping demand for fuel around the globe.
On Monday, oil traders sent the WTI crude prices into negative territory in a desperate bid to avoid having to take delivery of actual crude oil, a produce that nobody needed or had space to store.