What’s The Impact Of A Negative Oil Price?
U.S. oil's May contract plunged 292.67% as of this writing, Monday, 20th of April 2020, meaning that you have to pay to get someone to take barrels of oil off your hands.
West Texas Intermediate oil trading on the New York Mercantile Exchange plunged 292.67% to trade at -$53.47 a barrel.
The May contract expires on Tuesday. That one-day drop would mark the first time the contract has traded negative in history and would be the largest on record going back to 1983, while a finish near its current level would be far below the previous all-time low for a front-month contract at $10.42 a barrel set on March 31, 1986, according to Dow Jones Market Data.
DISCLAIMER: I'm not a Certified Financial Planner. Published herein is my personal opinion and should not be construed as a recommendation, an offer, or solicitation for the subscription, purchase or sale of any securities.
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