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Energy

Oil plunges below zero in stunning collapse

Physical demand for crude has dried up, creating a global supply glut

NEW YORK (Reuters) -- U.S. crude oil futures turned negative on Monday for the first time in history, ending the day at a stunning minus $37.63 a barrel as traders sold heavily because of rapidly filling storage space at the key Cushing, Oklahoma, delivery point.

Brent crude, the international benchmark, also slumped, but that contract was nowhere near as weak because more storage is available worldwide.

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