Oil prices crash 305% to -$36.73 a barrel

2 HOURS AGO

"U.S. oil prices plummeted in historic fashion Monday, crashing below zero as traders unloaded positions ahead of the May contract’s Tuesday expiration.

West Texas Intermediate crude oil futures for May delivery cratered by 305 percent to -$36.73 a barrel. At a price below zero, buyers would be paid to take delivery as there are costs associated with transportation and storage. The selling had WTI on track to close at its lowest level since recordkeeping began in March 1983, according to Dow Jones Market Data.

The June contract was trading lower by 18 percent at $20.43 a barrel.

The May contract is a “horror show” and “heading into the worst delivery situation in history,” Phil Flynn, senior market analyst at Price Group Futures, told FOX Business. “With demand still dead and OPEC+ cuts not hitting fast enough, the market looks like it has no bottom.”"

moar paine:

https://truepundit.com/oil-prices-crash-305-to-36-73-a-barrel/

until we switch to some other source petrol is our life blood

our life blood has not been this cheap in decades vroom