OIL TURNS RED

For as long as it can be pumped out of the ground, oil will be a tradable commodity. But on Monday, the going price for a barrel of West Texas Intermediate crude oil dove below $0 and settled at -$37.63. How can anything have negative value? It took an unprecedented chain of events to erase WTI crude’s current value and it started with the Russian-Saudi price war. At a March 5, 2020, summit…