MW: US oil tumbles toward biggest one-day drop in history, off more than 38% near expiration as crude’s woes continue

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MARKETWATCH reports:

The May futures contract for U.S. crude oil extended losses Monday, touching the lowest level since the late 1990s, as fears about a shock to demand due to the coronavirus pandemic and worries about a lack of storage looked set to hammer the commodity to start the week.

West Texas Intermediate crude for May delivery CLK20, -38.10% CL.1, -38.10% was trading down 38%, at last check Monday in New York, off $6.90, at $11.38 a barrel, near its intrasession low at $11.04, representing the lowest level since Feb. 19, 1999, according to Dow Jones Market Data. A decline of this magnitude, if it holds, would represent the sharpest single-session decline on record.

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Later on, believe it or not, oil traded below $0…

(Source MarketWatch)

… deep in the red at -$38…

(Source MarketWatch)

… more here.