This occurs when the spot price is higher than the future price.
CME Group's trading pits will remain closed for at least three weeks after Illinois' stay-at-home order is lifted.
Contango occurs when investors are willing to pay more for a commodity in the future.
Holidays in Singapore, London and New York dampened trade, as rising concerns over demand recovery offset supply cuts.
Memorial Day weekend is the unofficial start of the usually lucrative summer travel season.
U.S. crude oil stockpiles for the week ended May 15 fell by 4.98 million barrels, according to the U.S. Energy Information Administration.
Oil prices rallied amid production cuts and a slow return of demand.
Ninety-eight exploration and production companies in Texas with $75.7 billion of debt filed for bankruptcy from 2015 through 2020.
Oil prices rallied after the U.S. Energy Information Administration said oil inventories fell for the first time in 16 weeks.
Saudi Arabia is a growing threat to grab oil-market share from Alaska.
Oil prices slid after Saudi Arabia announced the state-owned Aramco would reduce production by an additional 1 million barrels per day.
Beijing's oil imports jumped 7.64% from March but remained below last year's levels.
U.S. oil inventories rose by 4.6 million barrels in the week ended May 1, according to the Energy Information Administration, less than the 7.76 million-barrel build that analysts surveyed by Refinitiv were expecting.
Since bottoming on March 23, the S&P 500 index has rallied by nearly 30%, a big upward swing considering the grim unemployment numbers. Why is the market rallying?
Oil prices have doubled as production cuts kick in and demand is slowly coming back.
Oil prices rallied Monday as production cuts took hold and states pressed ahead with reopening their economies.
The month of May begins what can be a ho-hum period for stocks.
CME Group says negative oil prices were the result of “oversupply, reduced demand and increasingly full U.S. storage.”
Oil prices got a boost as American Petroleum Institute data showed a smaller-than-expected inventory build while trials of a coronavirus treatemnt yielded promising data.
'Stay-at-home' orders issued by governments worldwide to slow the spread of COVID-19 have gutted global crude demand.