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Thursday, July 7, 2022

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Oil sellers are paying people to take the crude stuff of their hands

Oil prices have never gone into the negative.

Until now that is.  According to Bloomberg, future contracts for West Texas crude oil fell into negative territory on Tuesday, trading at negative $37.63 a barrel.

The reason for negative trading comes as the economy sits at a standstill.  Meanwhile unused oil companies are running out of room to store it.

The last time oil ever dropped so low was just after World War II.

SourceBloomberg

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