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Why India barely gains from historic low crude prices
The May futures contract of West Texas Intermediate (WTI) crude fell into uncharted territory on Monday, with sellers willing to pay buyers $37.6 per barrel to take delivery. The big problem, of course, was lack of storage capacity, so buyers were shying away as well. WTI crude futures are physically-settled contracts, and that is causing such extreme movements. WTI crude futures contracts, expiring in September, are trading at $30 a barrel.