Inside the Biggest Oil Meltdown in History

What happened?
The first-ever zero oil trade happened at 2:08 p.m. on Monday, April 20

Why it happened?
Traders reached their last day to trade oil for delivery in May before their the contracts expire
The lack of demand explains as a result of coronavirus outbreak
Oil price war between Saudi Arabia and Russia

The consequences
Cheaper gasoline prices at the pump
The increase of traders who are interested in buying oil low and reselling it later
Probable blow of favour to Donald Trump who took credit for brokering a historic deal between the Opec oil cartel and the world’s largest oil producing nations to limit the flood of oil production into the market

Data Sourses:
https://www.institutionalinvestor.com/article/b1lhy2h328jhpt/Inside-the-Biggest-Oil-Meltdown-in-History
https://www.marketwatch.com/story/why-the-oil-market-just-crashed-below-0-a-barrel-4-things-investors-need-to-know-2020-04-20
https://www.theguardian.com/world/2020/apr/20/oil-prices-sink-to-20-year-low-as-un-sounds-alarm-on-to-covid-19-relief-fund