>I bet those mean tweets aren't bothering the lefties now. US crude fell to negative value for first time in history as stockpiles overwhelmed storage facilities, before rebounding to just over $1 on Tuesday US oil prices turned negative for the first time on record on Monday after oil producers ran out of space to store the oversupply of crude left by the coronavirus crisis, triggering an historic market collapse which left oil traders reeling. The price of US crude oil crashed from $18 a barrel to -$38 in a matter of hours, as rising stockpiles of crude threatened to overwhelm storage facilities and forcedoil producers to pay buyers to take the barrels they could not store. The market crash underlined the impact of the coronavirus outbreak on oil demand as the global economy slumps. On Tuesday prices rebounded above above zero, with the US benchmark West Texas Intermediate for May changing hands at $1.10 a barrel after closing at -$37.63 in New York on Monday. The rapid market decline of recent weeks had reached fever pitch on Monday as traders reached their last day to trade oil for delivery in May before the contracts expire. The deadline triggered a collapse in prices as desperate oil traders with more crude than storage space were forced to take action. Daniel Yergin, a Pulitzer-winning oil historian, said: “The May crude oil contract is going out not with a whimper, but a primal scream.” The price of oil from the US shale heartlands has been declining steadily in recent weeks following the biggest slump in oil demand for 25 years steps due to restrictions on travel to curb the spread of Covid-19. The fall accelerated amid rising fears that the global economy may be facing its deepest downturn since the Great Depression. Oil producers have continued to pump near-record levels of crude into the global market even as analysts warned that the impact of the coronavirus outbreak would drive oil demand to its lowest levels since 1995. The emergence of negative oil prices is expected to prompt some oil companies to hasten the shutdown of their rigs and oil wells to avoid plunging deeper into debt or bankruptcy. The collapse will come as a blow to US President Donald Trump who took credit for brokering a historic deal between the Opec oil cartel and the world’s largest oil producing nations to limit the flood of oil production into the market. The pact to cut between 10 million and 20 million barrels of oil from the market from next month was dismissed by many within the market as “too little, too late” to avoid a market crash. At his daily White House briefing, Trump described the negative price as a “short-term problem”. He said the US was filling up its strategic reserves: “If we could buy it for nothing, we’re gonna take everything we can get,” he said.