Why oil prices plunged, and its impact on India

US oil prices tumbled into negative territory for the first time in history. The price of a barrel of benchmark U.S. oil plunged below $0 a barrel.

May U.S. crude futures plunged to a depth never before seen, settling on the day at minus $37.63 a barrel. This is a decline of around 305%, or $55.90 a barrel.

This is being seen as a troubling sign of an unprecedented global energy glut because of the coronavirus pandemic.

How did this happen? And what does this mean for India?

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