Oil prices crash below US$0 for first time amid devastating glut

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Oil prices crash below US$0 for first time amid devastating glut
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NEW YORK: US oil prices crashed to unprecedented lows on Monday (Apr 20) as futures in New York ended in negative territory for the first time ...

NEW YORK: US oil prices crashed to unprecedented lows on Monday as futures in New York ended in negative territory for the first time amid a devastating supply glut that has forced traders to pay others to take the commodity.

US stocks opened lower and stayed that way all day, with the Dow petering out to post a 2.4 per cent decline. "It's a dump at all cost as no one ... wants delivery of oil, with Cushing storage facilities filling by the minute," AxiCorp's Stephen Innes said.

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