Less Than Zero: U.S. Oil Prices Drop to Negative Territory as Markets Crash

Following-up, "Alexandria Ocasio-Cortez Deletes Tweet Cheering Crash of Oil Markets."

Summary at WSJ, "U.S. Oil Costs Less Than Zero After a Sharp Monday Selloff."

U.S. oil futures plunged below zero for the first time Monday, a chaotic demonstration that there was no place left to store all the crude that the world’s stalled economy would otherwise be using.

The price of a barrel of West Texas Intermediate crude to be delivered in May, which closed at $18.27 a barrel on Friday, ended Monday at negative $37.63. That effectively means that sellers must pay buyers to take barrels off their hands...

More at NPR, "Free Fall: Oil Prices Go Negative."

And at CNBC, "Stock market live Monday: Stocks drop more than 1.5%, oil turns negative, stay-at-home stocks rise."