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US crude prices turned negative on April 20, dropping as low as -$40.32 a barrel before settling in the negative thirties. The explainer attributes the crash to oversupply, with storage on land and at sea nearly exhausted, and traders dumping expiring May contracts.
The episode shows oil market storage limits driving price dislocation, which can pressure energy-linked costs and weigh on the broader commodity complex.
aljazeera.comPatricia SabgaApr 21, 2020Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
