WTI plunges to minus $7 as oil trades at historic lows: industry reacts

clock • 4 min read

The FTSE 100 fell more than 1.7% within its first 30 minutes of trading this morning, as the US oil price plunged into negative territory last night for the first time.  Brent crude has fallen a futher 29% to $18, while West Texas Intermediate (WTI) fell back to minus $7 having rallied slightly to just $1.4 in early trading. Monday evening marked the first time in history that American oil prices fell to negative territory. WTI oil at one point hit minus $40.32 on Monday evening, marking a fall of 321% in a single day as producers began paying buyers for barrels, fearing storage ca...

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Author spotlight

Christopher Copper-Ind

Christopher Copper-Ind is editor-in-chief of International Investment. Before this, he was editorial director of The Business Year, from 2014 to 2017.