Oil Below Zero

On Monday, 20 April, for the first time on record, oil prices went negative. Futures contracts for May deliveries of West Texas intermediate grade crude oil changed hands for -$40 a barrel. In physical markets in the United States today, Oklahoma Sour and Wyoming Sweet are trading for -$5.75 and -$8.50 a barrel. Oil companies are extracting crude from the ground and paying people to take it away.


April 22