NEW YORK (AP) — Oil prices plunged below zero on Monday, the latest never-before-seen number to come out of the economic coma caused by the coronavirus pandemic.
The cost to have a barrel of U.S. crude delivered in May plummeted to negative $37.63, as oil storage tanks run closer to full amid a worldwide glut.
Traders are still paying $20.43 for a barrel of U.S. oil to be delivered in June, which analysts consider to be closer to the “true” price of oil.
The S&P 500 fell 1.8%, giving up some of the big gains from its first back-to-back weekly gain since February.
