4/20/2020, 9:00 PM (Source: TeleTrader)
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WTI plummets to -$23 amid minimal demand

May West Texas Intermediate (WTI) crude oil futures expiring on Monday, dropped as much as 200% in their last minutes of trading as demand from end-users such as refinieries and airlines was almost non-existant amid the coronavirus outbreak. However, June WTI remained above $21 per barrel, showing some signs of hope for a recovery in the US economy.

WTI for May went for -$23.01 and dropped 225.89% at 4:20 pm ET as the futures reached negative territory for the first time in history. Meanwhile, WTI due in June lost 15.82% at 2:46 pm ET as it went for $21.13 per barrel.

International benchmark Brent remained in positive territory as it lost 7.59% to go for $25.92 per barrell at 2:50 pm ET.

Breaking the News / VP