The US crude recorded a negative price on Monday. S&P Global Platts, a commodities analysis firm, called it a short-term anomaly.
After a stormy trading session, the price of a barrel of oil for May delivery collapsed to below zero for the first time in history. Investors are willing to pay to get rid of crude. Dealers have been forced to pay people to find buyers, causing WTI crude prices to reach $37 below zero at the end of the trading session. 
Ahmed Badr Al-Kouh, a Kuwaiti oil expert, said that the collapse of American crude is a particular case in the American market. Brent crude is still intact. American markets are facing a problem with the level of oil storage, as its cost became high. So, traders are trying to get rid of oil for the May delivery.
June’s delivery price for oil was up slightly, over $20. Analysts think that by late spring, traders are betting that the commodity will still have some value. However, June prices are still down about 65% this year. Gianna Bern said that demand in the transport sector is at a standstill. She thinks that in the coming days, we could see a weak WTI June contract.
Nobody wants to purchase oil in May since there is hardly any place to store it. That is why speculators who held arrangements for May delivery, were left with few options Monday but to swallow the losses.
Donald Trump accused Russia and Saudi Arabia of the crisis in the crude oil market
US President Donald Trump described the historic meltdown in oil prices as a short-term crisis caused by financial pressure. He mentioned that his administration would consider stopping oil shipments from Saudi Arabia.
The US presidential administration also plans to increase the level of crude oil stocks for emergencies in the country as the prices drop. Trump said that his country would take advantage of the historic collapse in crude. Thus, America will purchase 75 barrels to fill its strategic oil reserves.
Jim Inhofe, a Republican Senator, accused Russia and Saudi Arabia of continuing to flood the global market with oil aimed at crushing American gas and oil producers. He added that the actions of Russia and Saudi Arabia threaten the US economy and national security. He called on the Trump administration to impose customs duties on fuel imported from Saudi Arabia and Russia to punish this objectionable behavior.
The last day for trading May delivery contracts is Tuesday. Experts confirmed that the markets are witnessing a shock in demand. It is caused by the economic downturn against the backdrop of the spread of the Coronavirus.
The oil market came under severe pressure due to the emerging epidemic of the Coronavirus, with a significant decrease in demand. US storage facilities are now struggling to cope with the abundance of oil, further weakening prices.
Lukoil, the second-largest Russian oil producer, planned to reduce its production by 40 thousand barrels per day. The group OPEC + agreed to cut output by 9.7 million barrels per day in May and June. This is due to the decrease in demand and feverish competition between Russia and Saudi Arabia to increase production.
