Stock market today closed lower, US oil prices went negative
At the close today the US stock market latest update is:
S&P 500: 2,827.09,-47.47(-1.65%)
Dow 30: 23,688.58,-553.91(-2.28%)
Russell 2000: 1,212.46,-16.64(-1.35%)
Crude Oil: -38.0000,-56.2700(-307.99%)
The crude oil futures contract for May 2020, and product code CLK20 expiring tomorrow, April 21, 2020 had a Day’s Range today of -40.3200 – 17.8500.An explanation about this wild move today for oil prices is “The move in oil futures has to do with factors such as storage limits and expiring contracts.”
For now there is a global oversupply for oil which adds selling pressure to oil prices.
Occidental Petroleum Corporation (OXY) stock was among the most active stocks today with a stock price of 12.59-1.04 (-7.64%), at the close.
Oil ETFs tank today
Major oil ETFs were under selling pressure today. United States Oil Fund, LP (USO) ETF closed at 3.73-0.48 (-11.4014%), ProShares Ultra Bloomberg Crude Oil (UCO) ETF closed at 1.35-0.23 (-14.557%) and iPath Series B S&P GSCI Crude Oil Total Return Index ETN (OIL) ETF closed at 3.73-0.32 (-7.9012%).
Stock market data: Yahoo Finance