Oil price goes negative as demand collapses; stocks dip
Last updated 4/20/2020 at 3:55pm
STAN CHOE, DAMIAN J. TROISE and ALEX VEIGA
AP Business Writers
NEW YORK (AP) — Oil futures plunged below zero on Monday, the latest never-before-seen number to come out of the economic coma caused by the coronavirus pandemic.
Stocks and Treasury yields also dropped on Wall Street, with the S&P 500 down 1.8%, but the market's most dramatic action by far was in oil, where the cost to have a barrel of U.S. crude delivered in May plummeted to negative $37.63. It was at roughly $60 at the start of the year.
Traders are still paying $20.43 for a barrel of U.S. oil to be delivered in June, which...