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US oil prices turned negative on Monday for the time in history. West Texas Intermediate crude for May delivery shed more than 300 per cent to settle at -37.63 USD per barrel on the New York Mercantile Exchange.

COVID-19 effect: US oil prices turn negative for the first time in history, demand dries up

Earlier on Friday, International Energy Agency claimed that it expected to see a modest surplus in supply in the global oil market

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COVID-19 effect: US oil prices turn negative for the first time in history, demand dries up

Oil prices drop after reports by International Energy Agency