London (CNN Business)
The spectacular collapse in oil markets is showing no signs of easing, as the coronavirus crisis saps demand and producers run out of places to store all their excess barrels of crude.

What's happening: US oil prices plunged, falling below $0 Monday to $-37.63 a barrel. That's the lowest level since NYMEX opened oil futures trading in 1983.

The selloff can be attributed in part to market mechanics. The May futures contract for West Texas Intermediate, the US benchmark, is about to expire. Most investors are already focusing on the June contract, thinning out trading volume and feeding volatility, UBS analyst Giovanni Staunovo said.

The June futures contract for WTI is trading around $22 per barrel, but that's still sharply lower on the day. Brent crude futures, the global benchmark, fell 8% Monday to $25.81 per barrel.

The extreme pressure on the WTI contract for May highlights ongoing concerns about the supply and demand dynamics plaguing the oil market.
"No one in America wants oil in the short term," Jeffrey Halley of Oanda told clients on Monday.

Saudi Arabia, Russia and other producers tried to prop up prices with a deal last week to slash production by 9.7 million barrels per day in May and June, the deepest cut ever negotiated. But that isn't expected to soak up the supply glut caused by evaporating demand for energy.
Oil storage facilities are still at risk of overflowing, raising the chance that some oil producers in the United States and Canada could start paying customers to take crude off their hands, according to Staunovo.

https://www.cnn.com/2020/04/20/investing/premarket-stocks-trading/index.html

https://www.theguardian.com/world/2020/apr/20/oil-prices-sink-to-20-year-low-as-un-sounds-alarm-on-to-covid-19-relief-fund?CMP=Share_AndroidApp_Tweet

[img]https://media./images/4b2609103d0a3410ca57ea2a5c36d123/tenor.gif[/img]

Coronavirus has totally destroyed the world economy. I never thought the day would come when oil producers will pay buyers to take the excess crude that they cannot store in their storage facilities.

Too much supply no demand. And because there's no demand you have to pay for storage. That means the oil you have is no longer an asset but a liability.

If you're a country that depends on oil exports for survival then your worst nightmare just became real.

Anything from CNN should be taken with a pinch of salt

Our Otedollar

Welcome to the New World Economic Order and the world of A.I.
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The global imperialist have used the CV pandemic to distract everyone from the fact that they are in the process of collapsing the existing world economic order and setting up a new one.
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Those of you who are screaming lockdown & social distancing, just prepare for the Dystopian & Orwellian State that is about to be foisted on you.
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Fasten your seat belts, it's gonna be a really rough & bumpy ride. The global oil-driven economy is over!

edoairways:
Anything from CNN should be taken with a pinch of salt

check out international media pages too.

Us oil now negative -$30