Advertisement
Crude oil prices fall below $0...

International

Crude oil prices fall below $0 a barrel

Rebecca Noonan
Rebecca Noonan

08:11 21 Apr 2020


Share this article


For the first time in history, crude oil in the US has collapsed into negative territory.

It means traders - have effectively - been paying anyone to take it off their hands.

The problem is there's too much supply, and not enough storage capacity.

Alan Breen from Cantor Fitzgerald explains what happened.

"It was quite extraordinary and unprecedented in fact.

"WTI crude for May delivery came under massive pressure yesterday and fell below $1 for the first time in history.

"The sell off was driven by the expiry of May contracts today, but also the more active June contracts also came under pressure."


Share this article


Read more about

America Coronavirus International News

You might like