The price of US oil has turned negative for the first time in history. That means oil producers are paying buyers to take the commodity off their hands over fears that storage capacity could run out in May.
Oil prices edged up on Thursday to extend gains into a third straight session, as tensions in the Middle East stoked fears of potential disruptions to supply. Brent crude futures were at US$72.04 a barrel at 0110 GMT, up 27 cents, or 0.4per cent, from their last close. Brent closed up 0.7per cent on Wednesday.