Traders hightail it out of US oil contract as it goes negative

(Reuters) - Traders fled from the expiring May U.S. oil futures contract in a frenzy on Monday, sending the contract into negative territory for the first time in history, as barely any buyers are willing to take delivery of oil barrels because there is no place to put the crude.

May U.S. crude futures plunged to a depth never before seen, settling on the day at minus US$37.63 a barrel, a decline of some 305%, or US$55.90 a barrel.

Prices set a low of negative US$40.32.