SINGAPORE (Apr 24): Oil prices — as measured by May Futures of West Texas Intermediate  expiring Tuesday afternoon April 21 Texas time — fell well below zero today. Indeed, at one point WTI crude oil for May delivery was selling at minus (that’s not a typo) US$37.63 per barrel. In effect, sellers were paying buyers US$37 per barrel to take their oil away. That was -300% change over Friday, the previous trading day.

Why would anyone actually pay someone to take their oil which was considered a fairly essential, and expensive, commodity not long ago?

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