Oil at two-decade lows, price of U.S. crude for delivery below zero

U.S. oil futures continued to trade in negative territory, after closing down nearly $40 on Monday in their first-ever sub-zero dive

FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant

WTI for May CLc1, in which trading turnover is much lower, hit negative $3.99, after Monday’s dive below $0 for the first time, settling at negative $37.63 a barrel. OPEC and its allies, including Russia, have announced sweeping cuts in production, amounting to almost 10% of global supplies. But with economies virtually at a standstill due to coronavirus lockdowns, demand has dropped as much as 30%.

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