[Lee Stewart]

Benchmark US oil prices crashed into negative territory for the first time in history as the evaporation of demand caused by the coronavirus pandemic leaves the world awash with oil and not enough storage capacity

Not all oil contracts are trading in negative territory. Brent, the international benchmark, lost 9 per cent on Monday to fall to $25 a barrel, but is less immediately afflicted by storage issues. Brent is a seaborne crude market allowing traders to easily ship it to areas of higher demand. Amrita Sen at Energy Aspects said: “With Brent you can put it on ships and move it around the world immediately."