US crude oil collapses to $0.01 per barrel for the first time in history

Baku, April 21, AZERTAC Oil prices ended New York trading in the negative on Monday for the first time ever, as a supply glut forced traders to pay others to take the commodity, according to NDTV. With space to store oil scarce, US benchmark West Texas Intermediate for May delivery ended trading at -$37.63 a barrel ahead of Tuesday's close for futures contracts -- when traders who buy and sell the commodity for profit would have had to take physical possession of it. A deal announced last week between OPEC and its peers would have lowered production by about 10 million barrels a day from May, but that's plainly not enough.