(Bloomberg) — Oil’s meltdown spread to the June contract as the price plummeted $10 in New York.West Texas Intermediate plunged below zero on Monday for the first time in history as May futures neared expiration, leaving traders in a panic as they tried to avoid taking delivery of physical barrels. On Tuesday, the losses spread to the following month’s contract — highlighting that a massive supply glut is driving the rout rather than a technical quirk.The Texas Railroad Commission opted to put off a decision on whether to impose oil-production quotas. The state’s main energy regulator said it would not …read more
Source:: Yahoo Finance
