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London Traders Hit $500 Million Jackpot When Oil Went Negative

3rd August 2020

"At 2:30 p.m. New York time on Monday, April 20, the May West Texas Intermediate crude oil futures contract closed at negative $37.63 per barrel. That was weird! We talked about it a lot, trying to piece together explanations for why a commodity that has essentially always traded at a positive price spent one day at an extremely negative price."

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