Deepening economic turmoil caused by the coronavirus crisis left traders desperate to avoid taking delivery of physical crude Oil futures collapsed to below zero for the first time ever as the deepening economic turmoil caused by the coronavirus crisis left traders desperate to avoid taking delivery of physical crude.
US benchmark WTI oil collapsed to $0.01 per barrel in New York. In an unprecedented day of trading, the price for the May contracts wiped out all value, breaking every low for oil prices since 1946.
The exchange where WTI futures trade said the contract would be allowed to price below zero. The extreme move showed just how oversupplied the U.S.