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The price of Oil Futures (US oil) in the global market collapsed to below zero, no thanks to the novel coronavirus (COVID-19) pandemic.
Bloomberg reports that oil traders are desperate to avoid taking delivery of physical crude.
It is the lowest oil prices have plunged since 1946.
The U.S. oil market has become oversupplied. And across the world, industrial and economic activities have ground to a halt as governments extend shutdowns in a bid to curb the spread of COVID-19.
An unprecedented supply cut deal by OPEC and allied members a week ago is proving too little too late.