Fact of the Day

Additional Facts:

* A negative price suggests sellers were paying buyers to take deliveries in a bid to avoid incurring of storage cost, as oil demand crashed globally.

* The drop, sparked by a perfect storm of COVID-19 fueled demand destruction and global crude storage facilities reaching their limits, is unlike anything markets have ever seen.

* US's benchmark index for crude oil, WTI crude or West Texas Intermediate Crude, plummeted to minus 37.63 dollars. It created an unprecedented situation where sellers paid buyers to take deliveries.

Source: Economic Times and India Today