Oil’s big crash is more rational than it looks

Oil prices have gone through the floor, literally. The price of a barrel of West Texas Intermediate crude oil went negative for the first time in history on Monday as traders panicked that storage for black gold coming from the vast US fields had filled to the brim. Normally, that sort of crash in one-month US crude futures would be indicative of something funny going on in the market rather than something deeply disturbing. In this case, both things can be true.

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