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Oil prices negative: How can oil prices go negative?

Oil prices negative: How can oil prices go negative? 1

“Oil prices will remain heavy in the short-term and since many energy stocks have recently rebounded, they are ripe to see a lot of pain this week.”

Factory closures and travel curbs have also triggered a collapse in oil prices.

Minh Trang, senior FX trader at Silicon Valley Bank in Santa Clara, California said: “It’s definitely a risk-off day so the dollar is benefiting from that now.

Oil-linked currencies like the Norwegian crown and the Canadian dollar were Tuesday’s worst-performing currencies, along with the Swedish crown.

The dollar rose to a near one-month high against the Norwegian crown before easing to trade up one percent.

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