Sunday, January 24, 2021

Tag: Oil Trades at Less Than Zero for First Time in History. What Does That Mean?

Oil Trades at Less Than Zero for First Time in History. What Does That Mean?

by Rick Moran, PJ Media:

The collapsing world economy has driven the price of oil into negative territory for the first time in history. Crude oil futures for May plunged below $0 for the second day on Tuesday, after they closed at a negative $37.63. In practical terms, that means that “anybody who is supposed to receive a shipment of American crude but doesn’t want it will have to pay somebody else to take it.”