Following the unprecedented market carnage that saw US benchmark prices drop below zero last week, producers selling crude oil to Asian customers have started to add a new clause in their contracts under which the cost of their oil will not go below $0.00 a barrel in any circumstance, Reuters reported on Thursday, quoting numerous sources. The price of WTI Crude May futures slumped to as low as -$37 a barrel early last week, after crashing by more than 300% last Monday, a day before the WTI Crude May contract expired, as traders rushed for the exit to avoid owning physical barrels of oil for delivery in May. The negative price of oil—an industry first in the unprecedented demand collapse and oil glut—spooked sellers of oil into Asia, who started to insist on the ‘no zero oil price’ in their contracts, according to Reuters’ sources. Alongside the slump of […]