Oil prices enter negative territory

The price of a barrel of West Texas Intermediate crude oil, the benchmark used for pricing, fell into negative territory on Monday.

Quartz reports that when oil prices are negative, traders of oil futures are paying buyers to take it off their hands. Otherwise, they risk having to take physical delivery of the oil.

Oil prices have plummeted amid the coronavirus pandemic, as the crisis has led to large declines in airline, car, shipping and trucking traffic.

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