Three years to the day, U.S. benchmark West Texas Intermediate crude futures settled at a negative price for the first time on record. The oil market is again struggling with signs of a slowdown in the global economy that could lead to a drop in energy demand.
The U.S. benchmark’s May 2020 crude futures contract fell 306% on the New York Mercantile Exchange to settle at a negative $37.63 a barrel on April 20, 2020. That was the biggest one-day drop based on records going back to 1983 and the lowest-ever settlement for a Nymex…
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