Oil prices made history this week as they fell below zero for the first time.
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In the unprecedented meltdown, the price of the May WTI contract crashed as low as -$37 a barrel on Monday.
Prices went negative because the physical market in Oklahoma and Texas is so overwhelmed. Official US government data shows that storage at the key crude oil hub in Cushing, Oklahoma, was just 70% full as of mid-April. With demand down 30% worldwide, buyers and sellers of oil have little choice but to store excess capacity until demand returns...
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