Oil prices plunged to their lowest level since at least the 1980s on Monday when the cost for a barrel of crude dropped below $1, demand for energy collapsed in the U.S and most heavy users of oil globally and traders don’t want to get stuck owning crude with nowhere to store it.
Stocks were also slipping on Wall Street in afternoon trading, with the S&P 500 down 0.9%, but the market’s most dramatic action was by far in oil, where benchmark U.S. crude for May delivery plummeted to negative $3.70 per barrel, as of 2:15 pm. Eastern time.
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