The May futures contract for West Texas Intermediate (WTI), which represents the US’ shale oil, traded in negative for the first time, after falling more than 136 per cent. Intra-day, it traded at -$6.65 per barrel, as the coronavirus pandemic continued to ravage global economies.
A technical oddity exacerbated the price plunge as traders fled the May futures contract ahead of its expiration on Tuesday, driving it down the lowest level since futures began trading in New York in 1983.
In India, the April contract of crude oil on the Multi Commodity Exchange (MCX) expired on Monday, witnessing a 30.71 per cent fall and ending at Rs 995 per barrel. It is the first time the price of a monthly oil contract in the MCX expired in three digits.
