About The Author K.W@example.com'Knowledge@Wharton is the online business analysis journal of the prestigious Wharton School of the University of Pennsylvania.

With drastic declines in consumer demand, the coronavirus pandemic has created a difficult new world for the oil industry. On April 20, prices for futures contracts expiring on April 21 for the U.S. benchmark crude oil – West Texas Intermediate (WTI) – turned negative to minus $37.63 a barrel. Spot prices also fell below zero, and panicky oil producers and traders dumped a large volume of futures contracts. Prices for Brent, the benchmark for crude from the North Sea, also crashed, although they stayed in positive territory.

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