Oil prices , plunge below zero

Oil prices plunge below zero, stocks close lower

Stocks on Monday gave back last week’s gains, with the Dow tumbling nearly 600 points, amid a historic drop in oil prices and fears that a decline in new coronavirus cases and a gradual reopening of the U.S. economy may not be enough to draw wary consumers back into stores and restaurants.

“They’re going to go back with caution,” says J.J. Kinahan, chief market strategist of TD Ameritrade. “Let’s not get ahead of ourselves.”

Meanwhile, U.S. benchmark crude oil fell into negative territory for the first time ever. West Texas Intermediate for May delivery plunged about 300% to -$37.63 per barrel. The outsize drop was largely caused by unusually low trading volumes and the price for June delivery remained positive at about $20 after declining 12%, Kinahan says. The negative price signifies there’s virtually no market for oil and sellers must pay up to store crude supplies.

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U.S. Oil Prices Plunge Into Negative Territory

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The Treasury Department is investigating whether it can block stimulus checks from being garnished by banks.

Oil plummets as storage capacity runs low, and a quirk in pricing wipes out one benchmark.

Something bizarre happened in the markets on Monday: The price of a barrel of oil went negative.

Oil prices tumbled as the economic crisis set off by the coronavirus pandemic continued to destroy demand for energy, and as concerns grew that storage tanks in the United States were near capacity and unable to hold all the unused crude.

Oil (W.T.I.) -$13.10 Change Monday

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