The price of West Texas Intermediate crude oil futures expiring in May plunged 321%, to -$40.32 a barrel

The price of West Texas Intermediate crude oil futures expiring in May plunged 321%, to -$40.32 a barrel

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.

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