![Oil Price Goes Negative As Demand Collapses](https://townsquare.media/site/101/files/2019/06/46335606_10155694430085896_5997488586922917888_o.jpg?w=980&q=75)
Oil Price Goes Negative As Demand Collapses
NEW YORK (AP) — Oil prices plunged below zero on Monday as demand for energy collapses amid the coronavirus pandemic and traders didn’t want to get stuck owning crude oil with nowhere to store it.
A barrel of benchmark U.S. oil for May delivery fell to negative $3.70 per barrel.
While the foray into negative territory was largely due to technical reasons, prices for other oil contracts also plummeted as storage facilities for crude come close to hitting their limits.
The S&P 500 was down 0.9%, giving up some of its big gains following its first back-to-back weekly gain since February.
![Wake Up Wyoming logo](http://townsquare.media/wp-content/uploads/2019/08/glennwoodsshow.png?w=100)
Enter your number to get our free mobile app
MORE TO EXPLORE: See the the COVID-19 stimulus bill broken down by the numbers
More From Wake Up Wyoming
![Cheyenne Regional Dropping Mask Requirement](http://townsquare.media/site/99/files/2023/03/attachment-Untitled-design-2023-03-07T160308.374.jpg?w=980&q=75)
![Wyoming Ranked as One of the Worst States for Vaccination Rates](http://townsquare.media/site/147/files/2022/09/attachment-Vaccination-Rate-WYO.jpg?w=980&q=75)
![Wyoming Reports 5 More COVID-19 Deaths](http://townsquare.media/site/99/files/2022/06/attachment-RS28263_ThinkstockPhotos-587937406-scr.jpg?w=980&q=75)
![Wyoming Reports 5 More COVID-19 Deaths, Highest Total in 8 Weeks](http://townsquare.media/site/99/files/2022/03/attachment-RS4080_160103034.jpg?w=980&q=75)
![Fauci Tests Positive for Virus, Has Mild COVID-19 Symptoms](http://townsquare.media/site/101/files/2021/12/attachment-GettyImages-1356634193.jpg?w=980&q=75)
![Wyoming Reports Zero COVID-19 Deaths for the First Time in 2022](http://townsquare.media/site/757/files/2020/03/fusion-medical-animation-EAgGqOiDDMg-unsplash.jpg?w=980&q=75)
![Liz Cheney Tests Positive For COVID-19](http://townsquare.media/site/101/files/2021/11/attachment-GettyImages-1233614061.jpg?w=980&q=75)
![Wyoming Reports Three More COVID Deaths, Two From Laramie County](http://townsquare.media/site/99/files/2022/03/attachment-RS4080_160103034.jpg?w=980&q=75)
![A Million Lives Lost: Governor Gordon Orders Flags Flown Half-Staff to Honor Americans Who Died of COVID-19](http://townsquare.media/site/107/files/2021/08/attachment-RS16839_Wyoming-Flag-02-2016-3.jpg?w=980&q=75)