Oil Market Trading in Negative Territory After Record Crash

‘Violent rebalancing’ in U.S. production coming, says Goldman
WTI trading negative, Brent falls to lowest since 2002

Watch: Francisco Blanch, head of global commodities at Bank of America Merrill Lynch, discusses the factors behind the crash in oil prices.(Source: Bloomberg)

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By Saket Sundria and Alex Longley

April 20, 2020 at 10:12 PM UTC

Updated on

April 21, 2020 at 9:35 AM UTC

This article is for subscribers only.

Oil traded near zero, after plunging below that level for the first time in history amid rapidly filling American storage tanks, as the U.S. benchmark’s May contract entered its final trading session.

Futures in New York fluctuated between positive and negative territory, after plunging to as low as -$40.32 on Monday. The June contract, where the majority of trading is now taking place, fell below $20, as did Brent futures for the same month.