Oil drops below $0, signaling extreme collapse in demand
Oil drops below $0, signaling extreme collapse in demand
The extraordinary decline in economic activity around the world pushed the May delivery price of West Texas Intermediate crude into negative territory Monday, a never-before-seen scenario that implies that oil producers would have to pay buyers to take a barrel of oil off their hands.
It's mostly theoretical, though, because the world has a huge glut of oil, there's hardly anywhere to put additional barrels, and nob...