(WASHINGTON) #Coronavirus Business Report: #Oil price crashed on Monday evening to negative territory to – 37.63 per barrel for the first time in history and price per barrel of US Crude (WTI) continues downward on Tuesday to $1 a barrel as at 09:30GMT it…

Comment by tonytran2015: No, that explanation does not look logical. Any speculator would know the consequences of holding the future contract to its expiry: Paying for the remaining part of the oil price and paying for the delivery of that commodity. Any speculator would know to off load his future contract ways ahead of its expiry.

A more logical explanation is Mexico has gone short on oil index and at least one US hedge fund has gone long as Mexico’s counter-party. It is neutral for Mexico to keep its betting and sell oil at the same time while the US hedge fund loses heavily when oil index is down. This is why Mexico was not keen in cutting production and Trump had got US to take additional oil production cut on behalf of Mexico. (Otherwise US hedge funds would lose the same amount to Mexico). V.Putin knew this and probably he had purposely driven oil index to negative USD 37 to create HUGE betting loss (about 2 bn USD to Mexico alone ) for the US hedge funds. The aim of this game is to make the US hedge funds lose their ill gotten gains, that is to make those who lived by the swords die by the swords (The Futures and Derivatives Markets (Part 1). The Futures and Derivatives Markets, Part 2: Rigging the indices to win).

https://acenewsservices.com/2020/04/21/washington-coronavirus-business-report-oil-price-crashed-on-monday-evening-to-negative-territory-to-37-63-per-barrel-for-the-first-time-in-history-and-price-per-barrel-of-us-crude-wti-continu/

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