Energy and Environment

Why US oil prices fell below zero and what it means

By Josh Siegel
Published April 20, 2020 7:40pm ET
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Why US oil prices fell below zero and what it means
The WTI crude oil price, the U.S. benchmark, tumbled to the lowest level in its history since markets started trading nearly four decades ago, falling to negative territory. | (AP Photo/Pat Sullivan)

Benchmark U.S. crude oil traded at a negative price for the first time ever Monday, a historic moment explained by a technical oddity and uncertainty about the recovery of oil demand amid the coronavirus pandemic.

The West Texas Intermediate crude oil price, the main U.S. benchmark, tumbled to the lowest level since trading started nearly four decades ago, settling at minus $37.63 a barrel.

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COVID-19 Oil OPEC Saudi Arabia