The coronavirus pandemic has 'broken' the oil market [CNNMoney.com]
International Business Machines Corporation (IBM)
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Source: CNNMoney.com
The coronavirus pandemic has 'broken' the oil market A version of this story first appeared in CNN Business' Before the Bell newsletter. Not a subscriber? You can sign up right here . London (CNN Business) Want to know just how serious a blow the coronavirus pandemic has dealt to markets and the economy? Look at the price of oil . On Monday, US oil to be delivered in May settled at -$37.60 per barrel, the first negative close in history. That means producers, which are running out of storage space as demand for energy collapses, are willing to pay buyers to take crude off their hands. That's never happened before for West Texas Intermediate futures, the US benchmark. The latest: The price of a barrel of WTI crude to be delivered in May is still below zero. The contract closes on Tuesday, which means trading is light and most investors are looking ahead to June. But the price of a barrel of WTI crude to be delivered that month is also plunging. It's down 18% on Tuesday and i
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