Coronavirus knocks oil prices below zero for first time in history

US oil prices turning negative for the first time in history means some producers were paying customers to take oil off their hands

Oil prices have crashed below zero as demand collapses and the cost of storing the oil for future use is now too high.

US oil prices turning negative for the first time in history means some producers were paying customers to take oil off their hands.

West Texas Intermediate futures for May slumped from $17.85 (£14.3) a barrel, sunk to -$40.32 -(£32.4) and closed by the end of trading at –$37.63 (-£30.3), the lowest price in its history.

Analysts say as billions of people around the globe stay home to slow the spread of the coronavirus, physical demand for crude has dried up, creating a global supply glut.

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