West Texas Intermediate crude oil futures for May delivery cratered by 305 percent to -$36.73 a barrel.
At a price below zero, buyers would be paid to take delivery as there are costs associated with transportation and storage.
The selling had WTI on track to close at its lowest level since recordkeeping began in March 1983, according to Dow Jones Market Data.
The June contract was trading lower by 18 percent at $20.43 a barrel.
“With demand still dead and OPEC+ cuts not hitting fast enough, the market looks like it has no bottom.”.
Lower economic activity means weaker demand for crude oil and its byproducts, including gasoline and jet fuel.
The sharp drop in demand has storage tanks in Cushing, Oklahoma, a key U.S. oil hub, filling up at an astounding rate. »