Image source: iStockphoto, Leonid Ikan By David Gaffen (Reuters) - Traders fled from the expiring May U.S. oil futures contract in a frenzy on Monday, sending the contract into negative territory for the first time in history, as barely any buyers are willing to take delivery of oil barrels because there is no place to put the crude. May U.S. crude futures plunged to a depth never before seen, settling on the day at minus $37.63 a barrel, a decline of some 305%, or $55.90 a barrel. Prices ...
Brent crude fell 83 cents to $55.47 per barrel, while West Texas Intermediate crude slipped 91 cents to $50.52.
Oil fell to its lowest level in 3 months. Market also considered the possibility of an early OPEC meeting.
The US Dollar Index displayed a specific bearish signal last week that we haven’t seen since May 2017.
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