The price on the futures contract for West Texas crude that is due to expire today fell to minus US$37.63 a barrel, Bloomberg reported, as storage space runs out with demand for fuel slashed by global COVID-19 travel restrictions.
Airline Virgin Australia entered voluntary administration this morning, with founder Richard Branson saying it was not the end "but I believe a new beginning".
US markets closed lower while the S&P/TSX Composite Index gained about 0.2% following the government's announcement on Friday to provide assistance to the country's oil and gas sector.
European indices closed higher and Asian markets were mixed yesterday.
Diversified producer BHP (ASX: BHP), which has a petroleum unit among its assets, was down 2% in morning trade.
The spot gold price rose above $1,700 an ounce earlier but was trading at $1,687/oz at the time of writing.
Newmont (NYSE: NEM) inched up 0.59% yesterday, remaining near a multi-year high.
Finally, Fission Uranium (TSX: FCU) which is advancing its Patterson Lake South project in Canada's Athabasca Basin jumped 23.6% as the uranium spot price rose to $32.55 per pound.