What negative US oil prices mean for the industry

US oil prices traded below zero for the first time ever, meaning producers or traders were paying other market participants to take the oil off their hands. It is the clearest sign yet that coronavirus, which has cut oil demand by up to a third worldwide, has turned the US oil market on its head.  The price crash came as the US benchmark oil contract, known as West Texas Intermediate, headed towards its expiry date for May delivery, the month when demand hit from lockdowns and travel restrictions is expected to peak.

The article explains in detail how it came to negative oil prices and what they mean for the economy.