US oil price falls below $0 a barrel for the first time in history
By MYBRANDBOOK
New York Oil crushed down to the lowest level, extending a dizzying plunge to almost 40 percent on abundant supplies and virus-sapped demand.
A supply glut forced traders to pay others to take the commodity, as US oil prices ended New York trading in the negative on Monday for the first time ever.
The plunge defied a deal reached last week by the Organization of the Petroleum Exporting Countries (OPEC) and independent producers to slash output by nearly 10 million barrels per day starting May to boost prices. It also showed the enduring power of the pandemic, which has forced people to stay indoors to stop the spread of COVID-19, bringing much of the global economy to a halt.
Much of the plunge was chalked up to technical reasons -- the May delivery contract is close to expiring so it was seeing less trading volume, which can exacerbate swings.
In the stock market, the mild drops ate into some of the big gains made since late March, driven lately by investors looking ahead to parts of the economy possibly reopening as infections level off in hard-hit areas.
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