By Barani Krishan
Investing.com - The soon-to-expire front-month contract in U.S. crude for May plunged to record lows beneath $2 per barrel on Monday as almost no one was willing to take prompted delivery of oil in a woefully glutted market, traders said.
May WTI hit a low of $1.12 by 1:55 PM ET (18:55 GMT). That was 90% below its $18.27 settlement on Friday. It was also the lowest for a spot contract on the New York Mercantile Exchange, or as far as back NYMEX records go to April 1983.
June, which Investing.com is already quoting as reference for WTI due to its outsize volume to May, was at $22.12 per barrel.