Oil price plunges below zero as demand collapses; Asian shares skid
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Asian shares skidded on Tuesday after U.S. oil futures plunged below zero as storage for crude runs close to full amid a worldwide glut as demand collapses due to the pandemic. Shares fell in Tokyo, Hong Kong and Shanghai but New York stock futures edged higher after the S&P 500 sank 1.8% overnight, giving up some big gains from last week. In a stunning development, the cost to have a barrel of U.S. crude delivered in May plummeted to negative $37.63. It was at roughly $60 at the start of the year.
Asian shares skidded on Tuesday after U.S. oil futures plunged below zero as storage for crude runs close to full amid a worldwide glut as demand collapses due to the pandemic. Shares fell in Tokyo, Hong Kong and Shanghai but New York stock futures edged higher after the S&P 500 sank 1.8% overnight, giving up some big gains from last week. In a stunning development, the cost to have a barrel of U.S. crude delivered in May plummeted to negative $37.63. It was at roughly $60 at the start of the year.
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