US oil prices fell to $4.04 a barrel, the lowest level since the exchange began futures trading in 1983
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What's happening: US oil prices plunged, falling below $0 Monday. At one point, oil fell to $-1.43 a barrel. That's the lowest level since NYMEX opened oil futures trading in 1983.The selloff can be attributed in part to market mechanics. The May futures contract for West Texas International, the US benchmark, is about to expire. Most investors are already focusing on the June contract, thinning out trading volume and feeding volatility, UBS analyst Giovanni Staunovo told me.
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