The WTI Crude Oil Contract For May Settles At Negative $37.63 Per Barrel, Here’s Why It Plunged By 305 Per CentStorage tanks of an oil Refinery (Representative Image) (SAM PANTHAKY/AFP/Getty Images)

The US crude oil prices suffered a bloodbath on Monday (21 April) after the West Texas Intermediate crude contract for May plunged by a record 305 per cent to finally settle at negative $37.63 per barrel, CNBC has reported.

This fall for the futures expiring on Tuesday (22 April) was a result of the global coronavirus pandemic which has harshly hit demand for the commodity. The May contract for WTI crude largely bore the brunt of its delivery dates conceding with the US wide lockdown rendering many buyers unable to take delivery.

As per the report, only industries which can take a delivery are airlines or refineries but their storage is filled with oil.

The June WTI contract too was hit as a result and is currently trading at $20.43 per barrel. It will expire on 19 May. The international crude oil benchmark - Brent, fell by 8.9 per cent to trade at $25.58 per barrel.

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