The futures contracts were about to expire and the speculators didn’t want to take physical delivery so oil went negative because no one wants it. Oil is based on the economy, fundamentally we have produced too much oil and there is a huge over supply combined with the economy being shutdown no one is using oil. These big oil companies are going to need another bailout with all this bad news here. This is also bad for the banks who have trillions loaned to big oil. I think we could still potentially see more downside to oil in the short term with economy shut down. Long term I think oil is going above 2012 highs once the inflation kicks in. I know we have this massive head fake down with oil.
I think it will consolidate now. OPEC will cut even more which will hopefully balance the market and European countries will start easing there restrictions which should have an up tick on oil either way medium term/long we are upside.