Oil Prices Go Negative. What Does That Mean?

The world is awash in oil, there’s little demand for it, and we’re running out of places to put it.

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This article was republished here with permission from The Associated Press, however it is no longer available to read on Snopes.com.

NEW YORK (AP) — The world is awash in oil, there’s little demand for it and we’re running out of places to put it. That in a nutshell explains this week’s strange and unprecedented action in the market for crude oil futures contracts, where traders essentially offered to pay someone else to deal with the oil they were due to have delivered next month. The price of U.S. benchmark crude that would be delivered in…

Read at AP News