© 2025 Connecticut Public

FCC Public Inspection Files:
WEDH · WEDN · WEDW · WEDY
WEDW-FM · WNPR · WPKT · WRLI-FM
Public Files Contact · ATSC 3.0 FAQ
Play Live Radio
Next Up:
0:00
0:00
0:00 0:00
Available On Air Stations

Record Oil Price Drops Send Stock Markets Diving, Too

On the now-digital and remote floor of the New York Stock Exchange, oil prices, along with the effects of the coronavirus, have kept stocks down.
Johannes Eisele
/
AFP via Getty Images
On the now-digital and remote floor of the New York Stock Exchange, oil prices, along with the effects of the coronavirus, have kept stocks down.

Updated at 4:29 p.m. ET

A severe oversupply continued to hammer oil prices a day after they turned negative for the first time ever. That sign of crashing demand in the global economy sent stocks indexes down again.

The Dow Jones Industrial Average closed down 631 points Tuesday, a drop of nearly 2.7%, after tumbling 592 points, or 2.4%, a day earlier. The Dow is down 22% from its record high in February.

Stocks have been diving as lockdowns aimed at containing the spread of the coronavirus keep businesses shut. More than 22 million Americans have lost their jobs in the past month, and the numbers are expected to keep rising.

On Monday, U.S. oil prices took an unprecedented dive — falling below zero. West Texas Intermediate, a key U.S. oil benchmark, settled at negative $37.63 for May delivery. That meant that instead of paying to buy oil, some traders were ready to pay to get someone to accept delivery. Simply put, there's too much oil and not enough places to store it.

The devastation in the oil markets continued Tuesday, with the supply glut sending WTI for June delivery down 43% to settle at $11.57 a barrel. Brent crude futures, a global oil benchmark, tumbled 25% to $19 per barrel. Brent is down more than 70% this year.

Stocks in the S&P 500 energy index have sunk 45% since January.

Gasoline prices have continued to fall too, though fewer Americans are driving much to enjoy the savings. The national average price for regular was $1.81 a gallon on Tuesday, down from $2.15 a month ago, according to AAA.

Copyright 2021 NPR. To see more, visit https://www.npr.org.

The independent journalism and non-commercial programming you rely on every day is in danger.

If you’re reading this, you believe in trusted journalism and in learning without paywalls. You value access to educational content kids love and enriching cultural programming.

Now all of that is at risk.

Federal funding for public media is under threat and if it goes, the impact to our communities will be devastating.

Together, we can defend it. It’s time to protect what matters.

Your voice has protected public media before. Now, it’s needed again. Learn how you can protect the news and programming you depend on.

SOMOS CONNECTICUT is an initiative from Connecticut Public, the state’s local NPR and PBS station, to elevate Latino stories and expand programming that uplifts and informs our Latino communities. Visit CTPublic.org/latino for more stories and resources. For updates, sign up for the SOMOS CONNECTICUT newsletter at ctpublic.org/newsletters.

SOMOS CONNECTICUT es una iniciativa de Connecticut Public, la emisora local de NPR y PBS del estado, que busca elevar nuestras historias latinas y expandir programación que alza y informa nuestras comunidades latinas locales. Visita CTPublic.org/latino para más reportajes y recursos. Para noticias, suscríbase a nuestro boletín informativo en ctpublic.org/newsletters.

The independent journalism and non-commercial programming you rely on every day is in danger.

If you’re reading this, you believe in trusted journalism and in learning without paywalls. You value access to educational content kids love and enriching cultural programming.

Now all of that is at risk.

Federal funding for public media is under threat and if it goes, the impact to our communities will be devastating.

Together, we can defend it. It’s time to protect what matters.

Your voice has protected public media before. Now, it’s needed again. Learn how you can protect the news and programming you depend on.

Related Content