A pumpjack in Signal Hill, California. The US benchmark crude oil price sank to its lowest level ever yesterday, falling below US$10 a barrel amid the coronavirus pandemic’s hit to demand and an epic supply glut. – AFP pic, April 21, 2020.
THE price for May delivery of West Texas Intermediate, the US benchmark oil, plunged well into negative territory yesterday, an unprecedented crash prompted by the imminent expiration of this month’s futures contract. Yet the price of a barrel of the same grade of oil for June delivery was still positive, albeit at the low value of US$20.43 a barrel.
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