The price of West Texas Intermediate crude oil futures expiring in May plunged 321%, to -$40.32 a barrel. Oil plunged into negative territory for the first time on record.
- Prices plunged to a record low and into negative territory on Monday as uncertainty mounted about storage for excess supply.
- WTI crude oil futures expiring in May plunged 321%, to -$40.32 a barrel, while Brent crude slid 9.5%, to $25.41 at super lows.
- The coronavirus pandemic has torpedoed demand for the commodity, with fuel use in cars and planes slumping.
- The commodity has fallen over the past week even after OPEC and its allies agreed to a historic production cut intended to backstop prices.
- The WTI market has entered contango, meaning spot prices are lower than prices for future delivery of crude oil — a highly unusual occurrence.
Based on Market Insider News.
World Crude Oil price decreased will leads to Malaysia Petroleum price too. Hope this condition do not last long.