Oil prices in the United States tumble into negative territory for the first time, closing at -$37.63 a barrel on Monday, April 20.
OIL. In this file photo taken on March 12, 2019, a pump jack operates at an oil extraction site in Cotulla, Texas. Photo by Loren Elliott/AFP
The futures contract for May closes on Tuesday, April 21, meaning traders who buy and sell the commodity for profit needed to find someone to take physical possession of the oil. But with the glut in markets and storage facilities full, buyers were scarce.Addressing reporters after the market close, President Donald Trump reiterated his promise to fill up the Strategic Petroleum Reserve , saying the US would add as much as 75 million barrels of crude.
Later in the briefing, he specified that he would only buy that amount if Congress authorized the funding – or if the federal government could rent storage space to third parties for a fee.
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