Swelling glut of crude has outweighed efforts by global producers to curb output
An oil-price futures contract tumbled into negative territory for the first time ever Monday, illustrating the overwhelming glut of crude that is decimating the global energy industry.
The June contract for West Texas Intermediate futures, considered the benchmark for U.S. crude prices, dropped 18% to $20.43 a barrel. Brent crude oil, the global benchmark, fell 8.9% to $25.57 a barrel.