How oil prices went subzero: Explaining the COVID-19 oil crash

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The Great Lockdown continues to turn markets on their head. Last week, we dug into the unprecedented number of initial jobless claims coming out of the United States. Just days days later, there was the next market abnormality: this time, traders were baffled by West Texas Intermediate (WTI) crude — the U.S. benchmark oil price — which somehow flipped negative for the first time in history. How is that possible? And how does it tie into the COVID-19 oil price crash in general? See the VisualCapitalist graphic here.

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