JRL NEWSWATCH: “Oil prices fall to less than zero for the first time in history” – bne Intellinews/ Ben Aris

Offshore Oil Rig file photo

Oil prices dropped to less than zero dollars as producers are forced to pay buyers to find some place to store their output

“Oil prices for the US WTI blend fell to less than zero on the futures market for May deliveries on April 20 for the first time in history as producers ran out of places to store crude. West Texas Intermediate futures for May delivery, which expire on April 21, plunged 300% to -$37.63 a barrel as no traders were willing to take delivery …. Brent crude … already rolled over to June-delivery contracts, fell 8.9% to settle at $25.57 …. Russia’s Urals blend was trading at $24.55 on the same day. Not all oil prices have crashed. …”

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[featured image is file photo from another occasion]