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West Texas Intermediate crude oil futures turned negative for the first time in history Monday as demand plunged and inventories filled up. The declines continued this week.
"Obviously it's a pretty extraordinary situation where you see the front month of oil futures trade negative," Mnuchin said during Tuesday’s coronavirus task force briefing.
The surplus of oil comes after the COVID-19 outbreak grounded flights, cruises and has mostly forced all but essential workers off the roads and working from home.
Tesla delivered a record 88,400 vehicles in the first quarter despite the shutdown of both its Fremont, California, and Shanghai production facilities amid the pandemic.
The company is scheduled to report its first-quarter earnings next week.