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Stocks drop as U.S. crude oil futures prices turn negative for the first time in history

state Texas covid-19 Oil prices wti Coronavirus
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Wall Street fell sharply on Monday after U.S. crude oil futures turned negative for the first time in history, underscoring the chaos the coronavirus pandemic has unleashed on the global economy.

The S&P energy index tumbled 2.8% after the front-month May U.S. West Texas Intermediate (WTI) contract turned negative – unprecedented in history – with sellers offering buyers $37.63 a barrel. [ Sign up for our Health IQ newsletter for the latest coronavirus updates ] With much of the global economy suspended due to the coronavirus, physical demand for crude has dried up, creating a global supply glut as billions of people stay home. “Oil down is normally good for the rest of the sectors, but you can make the argument that it is so low that it’s

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
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