The collapse in oil prices is a warning. Anyone who has been swept up by the rally in stock markets since late March would be foolish to ignore it.
Even by the standards of the past couple of months in markets, the sheer scale of the fall in oil has been breathtaking. For the first time ever on Monday, it turned negative. Having started the day at about $10 per barrel, prices for West Texas Intermediate, the US benchmark, tied to delivery of the black stuff in May, cratered to minus $40.
That means there is so much oil sloshing around, so little demand for it in a global economy in lockdown, and so little space left to store it, that sellers are paying buyers to take it off their hands.
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