U.S Oil Crashes to Historic Low As Covid-19 Collapses Demand

U.S. equity markets slid Monday as oil crashed below zero and closed at its lowest level since recordkeeping began in March 1983.

The Dow Jones Industrial Average fell by as many as 489 points, or 2.02 percent, before paring its losses. The S&P 500 and Nasdaq Composite were down 1.53 percent and 1.01 percent, respectively, at their lows.

The plunge in crude prices pressured oil majors Exxon Mobil and Chevron, which were the biggest decliners among Dow components.

Elsewhere in the space, oil services provider Halliburton lost $1.02 billion in the first quarter and said it would cut costs by $1 billion as the crash in oil prices has decimated investment. Explorers Continental Resources and EOG Resources were among the other energy names in focus.