Oil plummets to lowest level in decades as supply glut deepens, U.S. storage facilities fill up. West Texas Intermediate, the North American standard, falls more then $7 US to just over $11, a drop of about 38%. Canadian crude hovering just below $8. cbc.ca/1.5538048
Markets sink as global oil price plunge unsettles traders. Dow off 350 (1.5%) while S&P 500 and NASDAQ each lose about 1%. TSX sheds 0.7% while loonie hovers at 71 cents US, down about 1/3rd of a cent.
Oil loses more than half its value and falls below $10 US a barrel. West Texas Intermediate trading at $7.95 US in early afternoon trading, down $10.36. World is awash in surplus crude due to collapse in global demand and diminished storage capacity. cbc.ca/1.5537326
West Texas Intermediate falls below $2 US a barrel. That's off more than 90% on the day. WTI hit a low of $1.45 US, down $16.82. Crude futures market pegs price for May in the $1.25 range.
Oil trading for just pennies a barrel. West Texas Intermediate has been as low as 11 cents in early afternoon trading, while May futures touch 1 cent.
Oil prices turn negative for first time ever as West Texas Intermediate slumps to minus $1.43 US a barrel. That's a drop of more than 100% on the day.
Oil investors stampede for the exit as price falls to minus $37.63 US a barrel. The negative price, a first, reflects the pessimistic outlook for demand. Oil is traded on the futures market; investors gamble on whether they can make money on the spread. cbc.ca/1.5538048
Oil trades in negative territory for 1st time ever as pessimistic investors facing futures contract deadline dump holdings. WTI closes at minus $37.63, down 300% on the day. Dow slides 592 (2.4%), S&P 500 loses 1.8%, NASDAQ down 1% while TSX statistically flat with 28-point gain.
