WTI oil price turns negative for the first time in history

Updated : The price of WTI crude for May delivery on the New York Mercantile Exchange has gone negative for the first time in history (meaning producers are paying buyers to take the oil). By the end of trading in New York, the price of WTI had fallen by almost 300% to -$37.60 per barrel.

The price of WTI crude oil fell below one dollar per barrel for the first time in history, according to trading data on the ICE exchange in London.

At the start of trading, which started at 13:00 Moscow time, WTI for May delivery cost $17.5 per barrel. Then the price began to fall rapidly and by 20:56 Moscow time it had dropped to $0.5 per barrel.

At the same time, the price of WTI for June delivery at 20:54 was $22.3 per barrel.

Brent crude oil futures for June delivery are trading at $26.78 per barrel, while July futures are trading at $29.8 per barrel.

• WTI (West Texas Intermediate) is a brand of oil produced in Texas.
• Global oil prices are falling amid a 25-yearrecord decline in demand due to the coronavirus and the quarantine measures it has caused.
• In March, the fall in oil prices intensified due to the breakdown of the OPEC+ deal. In early April, the association concluded a new agreement. According to it, from May, global oil production will be reduced by 9.7 million barrels per day .