US oil prices turned negative for the first time on record yesterday as North America's oil producers deal an unprecedented oversupply of crude left by the coronavirus crisis.
The price of US crude oil collapsed from $18 a barrel to -$38 in a matter of hours, forcing oil producers to pay buyers to take the glut of crude which they cannot store, as rising stockpiles of crude threaten to overwhelm oil storage facilities.
A record 160 million barrels of oil was being stored in "super-giant" oil tankers outside the world's largest shipping ports, including the US Gulf, following the deepest fall in oil demand in 25 years because of the coronavirus pandemic.
Global oil prices are expected to begin recovering over the second half of the year as tight restrictions on travel to help curb the spread of the virus are lifted, raising demand for fuels and oil.
The world's largest oil-producing nations have agreed a deal to hold back between 10 to 20 million barrels of oil a day from the global market from May, and many oil companies are likely to shut their wells as financial pressures mount.

Independent review panel publishes first status report in Department of Education review
ATCO Electric Yukon Gets $7.5M to Fix Billing Issues with Smart Meters
Yukon NDP calls on Yukon government to investigate electricity billing concerns
Youth investment fund supports 13 community projects across Yukon
FNNND challenges Mayo Dam spillway project over treaty and fish passage concerns
First Nation of Na-Cho Nyäk Dun youth benefit as mining firms fund mayo school sports
BC man convicted of manslaughter
Hamilton Boulevard trail cleared as winter pilot project wraps up
Yukon RCMP roll out new navy-blue uniform shirts
Yukon releases final flood maps for Dawson, Klondike Valley, Upper Liard
Inquest into the death of Manui Roux to be held in Whitehorse
Yukon municipalities to receive record $30 million in funding
Yukon expands winter electricity relief for residents
Ross River Dena Council says 'no' to proposed mining on its traditional territory
LSCFN stands firm: 'No mining in the Breadbasket'
Yukon Government accepts responsibility for abuse at Jack Hulland Elementary
Whistle Bend road connector project gets $8.7M boost from federal government
Yukon Government signs deal with Alliance Health for primary care clinic
Man Missing in Whitehorse: Reuben van Klaveren Sought by RCMP