Despite starting the week with almost a 40% surge, On Tuesday, April 21, futures for the US crude oil plummeted 71%.
The drop occurred as oil demand crashed due to the coronavirus outbreak and the global economic slowdown. The price for the US crude oil plunged below zero to -$38 at the first time in history as rising stockpiles of the commodity jeopardized to crush storage facilities. Moreover, producers could be forced to pay buyers to take they barrels they could not keep.
Note that Dukascopy Bank offers CFDs on commodities that are non-expiring spot traded derivatives, and adjustments are made one day prior to the expiry date of future contracts. Therefore, futures for the US crude oil provided by Dukascopy Bank did not enter negative zone.